Renew and Lantower Residential Announce Partnership

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Dec 05, 2023, 07:15 ET

Resident Retention Solution Introduced at 9,000 Apartment Homes in Sun Belt Region

NEW YORK , Dec. 5, 2023 /PRNewswire/ -- Renew, a cutting-edge solution that automates and optimizes the entire resident renewal process to drive NOI, today announced Lantower Residential has implemented its platform at more than 9,000 apartment homes in the Sun Belt region.

Lantower Residential is a Dallas-based operator with communities in Texas, Florida and the Carolinas. Lantower first piloted the Renew platform at 2,200 homes in July before rolling it out across its portfolio this fall.

"We experienced such strong results in the pilot program that we decided to roll out Renew's solution across the board before the pilot ended," said Nick Amy, vice president of operations for Lantower Residential. "With resident retention being so crucial, particularly in the current market, we needed a more efficient way to drive quicker renewal decisions and gain insights into the reasons behind those decisions. With Renew, we have experienced an immediate uptick in speed to decision, which enables us to accurately forecast occupancy trends and provides a better opportunity to keep any departing residents within our portfolio."

Renew's high-powered software integrates with leading property management systems and provides operators with a centralized renewal tool and retention strategy while interacting with residents to help them more easily navigate the renewal process. The solution automates outreach to residents to help understand a renter's propensity to renew, delivers renewal offers with dynamic pricing and leverages insights to create a curated resident experience, all of which drive an increase in renewals and faster renewal decisions.

The software also captures valuable data about resident needs and living experiences, while providing team members with unparalleled visibility into renewal pricing and where individual renters are in the renewal process. In addition, Renew enables operators to more easily move a resident who is leaving one of their properties into another community within their portfolio. The software also allows operators to turn move-outs into a revenue stream by providing leads to other operators for a fee.

"Lantower Residential is always on the cutting edge of the technology curve, and we're thrilled to partner with them and help optimize their renewal processes," said Rob Hayden, CEO and co-founder of Renew. "By incorporating more automation and more insight into the needs of residents nearing the renewal stage, Lantower is primed to boost retention rates, better prepare for any vacancies and potentially move departing residents elsewhere within their ecosystem."

About Renew
Renew enables apartment owners and operators to realize traditionally overlooked business opportunities by transforming the resident renewal process and powering retention on a portfolio-wide basis. It is a scalable, centralized solution that automates and optimizes the renewal and retention process to drive NOI and improve the bottom line. Renew helps renters seamlessly renew their lease or find another home within an operator's portfolio, while also delivering powerful data and insights into the resident experience and inclination to renew to operators. Founded by rental housing and technology veterans Rob Hayden and Kevin Murphy, Renew seeks to unlock tremendous value for both residents and operators, and to entirely change the way both parties think about their relationship.

About Lantower Residential
Lantower Residential, a subsidiary of H&R REIT (TSX: HR.UN), is a vertically integrated real estate company focusing on acquiring, financing, and managing multifamily communities in the U.S. The company focuses on driving growth and maximizing value through its disciplined investment strategy and portfolio management. Lantower Residential is led by a team of executives with vast experience across all sectors of our business. Lantower's teams operate alongside each other to deliver results that lead to successful investment outcomes.

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SOURCE Renew