Multifamily property owners are dealing with rising vacancy rates. According to the AppFolio 2026 Renter Preferences Report, 55% of property managers say that vacancy is their top threat, with CBRE forecasting softening rental demand this year in response to a weak labor market. This has led landlords to focus more on lease renewals than attracting new tenants.
Current residents have become the most important asset in this climate. Renewals provide stability, cut turnover costs, and maintain steady income. Adam Feinstein, SVP of product at AppFolio, explained that each renewal avoids the need to re-lease a unit, prepare it for new tenants, or spend on marketing. Keeping a reliable, on-time tenant costs less than finding a replacement.
How tenants feel about their living situation directly affects lease retention.
Satisfied residents stay, while unhappy ones leave. A poor experience doesn’t just risk losing a tenant—it starts a cycle of turnover, higher expenses, and lower occupancy. The resident experience begins well before move-in, with the first 30 days prior to occupancy setting the tone for future interactions.
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The key period isn’t after move-in but the 30 days before it. A smooth onboarding process sets clear expectations and builds goodwill. Tenants who have an easy move-in are more likely to overlook minor problems later. Those early moments shape how they view future issues.
Renters also want convenience. They expect to handle their lease—paying rent, submitting maintenance requests, and communicating with staff—through their phones. Speed is important. Slow responses to repair requests or a difficult payment system can quickly damage the relationship.
The difference between what renters expect and what property managers provide often comes down to technology. Residents are used to the simplicity of apps like Uber or DoorDash, where everything happens in one place. Yet most property management software is designed for operators, not tenants. This creates a fragmented experience with multiple logins and separate portals for applications, payments, and maintenance requests.
“It’s an outdated experience being delivered years later,” said Adam Feinstein, senior vice president of product at AppFolio. The issue isn’t just about convenience—it’s about efficiency. A unified platform can improve operations while meeting modern expectations. When technology works well, it creates a positive cycle: happier residents, fewer vacancies, and lower costs.
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Feinstein believes every operational touchpoint, from leasing to maintenance, can be improved with the right tools. A single, cohesive platform can guide tenants through their entire journey, reducing friction and increasing satisfaction.
This isn’t just about adding more software. Many property managers pile on tools to compensate for old systems, which only makes the experience more complicated. The real challenge is finding a platform that works for both operators and residents, not just one group.
The stakes are high. In a market where demand is weakening, properties that keep tenants will be those that invest in the experience—not just the buildings themselves.
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