When Joan Price took over operations for her mother in 1984, she continued to cultivate community in new ways while expanding the company’s portfolio of properties. 

Brooke Richartz, Senior Regional Sales Manager at Chase, has spent roughly 20 years working in New York’s multifamily environment and has seen firsthand what helps a property feel like home. She and Price, a Commercial Term Lending client, outline seven keys to fostering a sense of community at multifamily properties.

1. Pay vendors early: Selma Price demonstrated a high degree of integrity, which remains a standard part of operations today. “We are professional landlords who pay bills early,” Price said. Her mother emphasized that payments are especially important for small vendors, so Price pays them right away. “When the boiler stopped working at 2 a.m. on the coldest day of the year, the vendor showed up immediately because we have such a good relationship,” she said.
2. Cultivate outdoor space: Creating outdoor space can be a great way to bring residents together. Landscaped roof decks, elevated gardens and rear yards can help develop a real community at multifamily properties. Price’s mother spent years cultivating plants in front of her apartment building. “I have continued this tradition,” Price said. “Every building I own and operate has at the very least a planter in front.” 
3. Develop and maintain communal space: Renovating properties to include building amenities that bring residents together, like rec rooms and gyms, or converting unused basement space into common areas can help foster a sense of community, Richartz said. Price, for example, installs a laundry room at all of her properties and upgrades the mailboxes. “It's not an immediate return on capital, but it’s an immediate return on ambience,” she said. “Residents’ perception of the property changes when they have a beautiful space to do their laundry, and also hang out and meet other residents.” 
4. Pay extra attention to décor: When Price purchases a property with public restrooms, she’ll update them with new fixtures and tile work. It’s these extra touches that can go a long way toward making a multifamily building feel like home. “When you walk into some apartments, everything’s beige. The hallways are beige, the floors are linoleum, basic,” Richartz said. “We’ve seen owners put a little more attention in the décor of their properties—festive colors, unique designs on each apartment door, artwork in the hallways and common areas—to create a sense of a home versus a basic rental apartment.”
5. Provide quick repairs from courteous staff: “Our employees are motivated to respond quickly and efficiently to any issues that come up,” Price said. “Our intention is that the residents will feel cared for.” That means every building has high-speed internet access and upgraded electrical systems, and Price’s team maintains and services HVAC and other equipment in advance of seasonal needs. 
6. Communicate with residents: Cultivating relationships with renters can help you better understand their needs. Communication is key. “As a property manager it’s always important to understand what’s working and what’s not working for your renters—whether that’s repair and maintenance issues or feedback on amenities,” Richartz said. Some buildings use apps or emails to communicate with residents, while others have a comment box in the lobby to collect feedback. “Property managers just need to be intentional about what they implement and communicate in a way that helps foster a sense of community,” she said. 
7. Consider community building in your investment strategy: Short-term turnover is generally less conducive to community building. “Part of our formula has always been operating our own properties with the intention of owning them long term and not turning over properties,” Price said. With this mindset, Price started buying adjacent buildings. This not only allowed her to use the same staff at multiple buildings, but also provided shared outdoor space between buildings. 

Measuring success

While fostering a sense of community can seem abstract, there are concrete ways to measure if it’s working. Fewer resident complaints and lower turnover rates indicate that residents feel positively about management and their fellow renters.