Multifamily property owners are battling rising vacancy rates. According to the AppFolio 2026 Renter Preferences Report, 55% of property managers say that vacancy is their top threat—and it’s not an imagined fear. CBRE forecasts softening rental demand this year in response to a weak labor market. Renewals are increasingly becoming a priority to preserve rent rolls.
It may come down to resident experience, says Adam Feinstein, SVP of product at AppFolio. A good resident experience supports lease renewals, makes residents happier, and drives operational efficiencies for property managers.
Lease Renewals Matter Most
Existing residents are a valuable asset, and those renters should be prioritized in the current leasing environment. Lease renewals create stability, eliminate turnover risk and cost, and ensure stable cash flow for the property.
“Every lease you renew is a door you don’t have to re-lease, a unit you don’t have to make ready, a marketing dollar you don’t have to spend,” explains Feinstein. “A happy, satisfied resident that’s paying on time is the one that you want to retain.”
Resident experience is directly connected to lease attrition. It’s simple: Happy residents stay; unhappy residents leave. A bad resident experience creates a negative cycle where units are regularly turned, whereas a good resident experience supports increased renewals or even referrals. It drives better occupancy outcomes overall.
Resident Experience Starts on Day Zero
Property managers often think about resident experience too late, after a renter has already moved into the property. A good resident experience actually begins much earlier.
“The onboarding moment matters disproportionately there,” says Feinstein. “The first 30 days prior to move-in really set the bar that every other interaction will be measured against. Someone who has a frictionless move-in experience gives you the benefit of the doubt when something goes wrong later.” Those early interactions matter. Starting off on the right foot helps create a more amenable renter.
Accessibility