Pub. 4 2019 Issue 6

15 ISSUE 6 2019 posable income, younger renters welcome unexpected savings offers. Properties can consider offering rewards for regular- ly paying rent on time, for move-in anniversaries or other occasions. These types of surprise rewards are opportunities to grow renters’ loyalty, and, when developed in conjunction with partners, can actually cost the property less than the reward’s “face value.” 82% said special offers can direct their re - ward spend to those items. Simply put, when you attach a special offer to prepaid rewards, move-in incentives or even deposit refunds, it’s likely the recipient will apply that reward toward that offer. Consider developing relationships with local part- ners, retailers, and service providers who can subsidize your rewards and incentives. This way, everybody wins: the renter gets a valuable reward, the partner gets additional business, and the property pays less than the reward would ordinarily cost it. Renters prefer virtual or prepaid cards 2:1. Physical checks and PayPal run distant second and third to virtual rewards and those delivered on prepaid cards. With virtual or prepaid, renters can spend their reward incentives anywhere they choose, for whatever product or service they like. Plus, awarding renters with branded prepaid cards can serve as a reminder of the value they earn from continuing to live at the property — not to mention providing an op- portunity to transform deposit refunds into referrals. Which brings us to … 65% would make a referral for a $100 bonus added to a deposit refund. This proves that loyalty and goodwill can continue even after a renter decides to leave. After all, a positive referral to a friend or co-worker is worth a thousand silences, which stretches your marketing dollars farther. And a bonus like this works especially well when offered on a prepaid card — which bears out the previous point. Savol Pools, serving the swimming pool service needs of the apartment industry for over 40 years. 91 Prestige Park Circle East Hartford, CT 860-282-0878 www.SavolPools.com CT SP1 Lic 288171 • CT HIC Reg 584241 • Pump Room Repairs • Leak Detection • Safety Covers • Tile / Coping • Painting •Openings / Closings One Stop Source for All Your Swimming Pool Needs • Pool Chemicals Delivered to Your Door •Offering Certified Pool / Spa Operator R Courses • Leasing / Financing Options Available Renters between 18 and 29 outnumber all other age groups combined. 71% make purchases on a mobile device at least monthly. This may seem unrelated to the other findings. However, the fact that the majority of millennials and Gen Z shop on their phones provides rental property managers even more oppor- tunities for engagement and disbursement of rewards and partner offers. Recruit and retain by delivering rewards and incentives the way renters want them. The current excess of rental inventory makes it a real challenge for today’s multifamily rent property managers to recruit and retain renters. And the sheer numbers of millennial and Gen Z renters make it impossible — and indeed unwise — for these managers to ignore this group’s expectations. But understand- ing and catering to their likes and preferences provides more than enough opportunities to meet that challenge head on. Offering renters surprise offers and regular rewards, providing these incentives on virtual and prepaid cards, and attaching special offers subsidized by partners can help rental properties thrive in spite of today’s supply-exceeds-demand market.