New Leases vs. Current Resident Satisfaction: Where Should You Devote More Time?

As property managers and multifamily marketers, our daily tasks have always blown past our original job descriptions. In truth, we hold more than one title — we are each a jack of all trades and that fact has never been more evident than in this COVID-19 world.
There’s just not enough time to do it all. More specifically, we are juggling too many projects to have any “free” or “extra” time. That means we need to maximize our time.  
You want to attract new renters and you want to keep your current ones happy — but with only so many hours in the day — where should you devote more time? 
Let’s discuss: 
Reasons to Focus on New Leases
Besides being a new property, here are the top reasons we find our multifamily clients focus on winning new leases:

More units available than current residents — the ratio between these two is important data to keep track of as you re-evaluate your strategy every quarter.
Money has been invested into unit upgrades or new amenities. 
There has been a change in rental price. 
New demographic to target — as time goes by, the type of people you want to rent to changes; for example, many properties are slowly attracting more Gen Z than Millennials as they become the dominant renter demographic. 

Reasons to Focus on Resident Satisfaction
Here is when we see that our multifamily clients need to focus more on resident satistication:

Relatively new property — being that the property is new, it has yet to e……