What makes residents renew their leases? According to a group of industry experts, it's the cumulative effect of positive experiences from their first property search to their final lease day.

Last week, Bilt welcomed owners and operators to spend the week at Bilt headquarters to unpack the path to boosting leasing performance. These leaders gathered in New York for an intensive week of strategy sessions (and experiences) that pushed the boundaries of what resident loyalty can achieve in today's competitive market.

5 Key Takeaways for Multifamily Operators

As a group, we revealed valuable insights for property managers and operators looking to enhance resident loyalty:

1. The Resident Journey Begins Before the First Tour

The resident experience doesn't start at move-in—it begins with the very first listing view. Successful loyalty programs embed value at every touchpoint, from prospects discovering incentive offers on an ILS, through tour scheduling, application, approval, and lease signing.

“We’re strategically building upon an experience that makes residents feel valued from their first interactions with the property,” explained Kyra Lambo, AVP of National Marketing at EQR. “By brainstorming ways to embed incentives throughout the resident journey, we’re focused on enhancing the resident experience and fostering lasting relationships, not just processing transactions.” 

2. Personalization Drives Conversion

One-size-fits-all loyalty programs are becoming obsolete. The most effective approach meets residents where they are with personalized options that drive mutual benefit. Many properties are now revisiting their concession strategies, exploring how to give residents meaningful choices rather than standard incentives. 

Discussions centered on this future of concessions: how can we give residents a choice in their incentives in a way where everyone wins? The path forward involves leveraging AI-powered rewards packages tailored toward residents' preferences.

"Bilt allows properties to process their concessions in a way that automatically offers residents a choice between a traditional concession and a reward from Bilt,” noted David Dear, Industry Expert. "When residents choose the Bilt option, the property saves on costs.”

3. Employee Engagement Is the Secret Weapon

Employees are the true loyalty ambassadors—properties seeing the greatest success are leveraging unique ways to reward and educate team members. 

“We’re intentional about equipping our teams with the right tools from day one,” said Elizabeth Hughes, National Project Manager at Willow Bridge and internal Bilt subject matter expert. "By integrating Bilt into our role-based onboarding and providing a comprehensive resource library during implementation, we’re creating clarity and ownership from the start. When employees understand the ‘why’ and see how they benefit too, adoption becomes second nature—and resident satisfaction follows.” 

4. Pre-Lease Engagement Drives Higher-Quality Applicants

The groups explored how strategic pre-lease communications significantly impact conversion rates. Leading operators are now creating value-driven content packages—including neighborhood guides, move-in incentives, and loyalty program previews—to engage prospects before they tour. Properties taking this approach see higher-quality applicants and faster lease conversions.

"When we provide meaningful information and incentives before the tour even happens, we're building excitement early," said Chris Schmidt, Executive Vice President at Related Companies. "This translates to higher application-to-lease conversion and residents who arrive already feeling connected to the community."

5. Renewal Decisions Are Made Throughout the Lease Term

Every interaction influences a resident's likelihood to renew. Successful properties are mapping out intentional touchpoints throughout the lease term—move-in celebrations, birthday acknowledgments, maintenance follow-ups—to create positive experiences that build over time. The groups examined how these strategic moments create a cumulative experience that makes renewal the natural choice when lease-end approaches.