Apartment residents, like everyone else, desire community. JD Power research found that "sense of community" was the #1 driver of apartment resident satisfaction. But is community just a "feel good" concept or does it really affect residents' renewal decisions?
Sociologists have highlighted the critical role of the "third place" in people's lives. The first place is home and second is work. "Third places" are where people go in their free time to hang out and was embodied in the TV show Cheers - a place where "everybody knows your name".
Unlike Starbucks and others who specialize in creating the third place, CARES fosters an environment within the apartment community where residents can connect with each other and develop friendships. Archon research showed that, when residents chose their apartment community as the third place, their likelihood to renew increased 25%. This correlation makes "community building strategies" a key market differentiator in the apartment industry. Read more about the CARES business value.
The heart of CARES is to foster an environment where residents can connect with each other and develop friendships. These relationships are foundational for creating community and a "third place".
What's your strategy to help your residents make friends and build community?