CBS News recently featured the loneliness epidemic in America, finding Gen Z as the loneliest generation studied, followed closely by millennials. These generations have a massive amount of online followers and “friends,” but lack a genuine personal connection with others on a daily basis. Consider Bethany, a 30-year-old single professional living at an apartment community in Charlotte, North Carolina. “I come home from work, walk inside, make dinner, and watch a show. I check social media, and get notices from the office via email. At the end of the day, there is nothing real tying me to this apartment. My only reason for staying is the hassle of moving.”
What if Bethany’s community hosted engaging social events each month where she could enjoy a glass of wine with neighbors or make new friends who live right next door? Witten Advisors found a direct link between onsite friendships and lease renewals.
Residents who have seven or more friends in their community are 47 percent more likely to renew their lease.
A recent Satisfacts Resident Survey found that community events are one of the top five drivers of renewals, so developing a strategy around social activities on your property is worth the time and money. But hosting a quarterly Wine Down Wednesday won’t cut it. In order for property events to facilitate friendships and elevate the resident experience, they must be both consistent and intentional.
Hosting the right events to make the biggest impact on your property requires strategy. Apartment Life Teams who host monthly onsite activities are trained on Eight Layers of an Irresistible Event - the kind of event that will make your residents bring friends, stay late, post pictures and reviews online, and connect with others. At the heart of any property that has an amazing sense of community, you’ll find consistent and engaging social activities that bring people together. And according to Laurie Lyons of US Residential, those residents are willing to pay up to $200 more per month to live where their friends live.