Takeaways
- A great resident benefits package can boost revenue, streamline workloads for staff and maintenance teams, and improve resident retention at your building.
- The best resident benefits packages address the needs of your residents while enhancing building operations at your property.
- Renter’s insurance, package rooms, and online resident portals are a few examples of great incentives to include in your benefits package.
Wondering what to include in your resident benefits package, or if you should even offer one? Offering a resident benefits package at your property improves your relationship with your residents. It also helps retain residents by incentivizing them to renew their leases.
Read on to learn what a resident benefits package is and how to implement one at your building. Then, discover our picks for the top ten benefits to offer in your resident benefits package.
In this post, we cover:
- What’s a resident benefits package?
- Why should you offer a resident benefits package?
- How do I implement a benefits package?
- Top 10 benefits to offer in your resident benefits package
- How to avoid resident benefit package mistakes
- Resident benefit packages FAQs
What’s a resident benefit package?
A resident benefits package (RBP) is a suite of services charged as an additional fee that improves the overall experience for residents at your property. In most cases, you can set up your building’s resident benefits package with the help of a third-party company. These providers partner with other companies to offer deals and resources to your residents.
The bundled services in a benefits package enhance the resident experience while also reducing tenant turnover and accelerating your building’s growth. What’s more, offering a competitive resident perks package will help set your building apart from other multifamily properties while also creating a new revenue stream.
What’s included in a resident benefits package?
A good benefits package should always include services that boost the quality of life at your building.
A resident benefits package might include services and perks like:
- 24/7 maintenance services. Immediate response to maintenance requests enhances resident satisfaction and minimizes property damage.
- A resident mobile app. Allows tenants to pay rent, submit service requests, and communicate with property management from their smartphones.
- Smart apartment tools. Includes smart locks, HVAC, and lighting to improve energy efficiency and security.
Utility concierge. Simplifies move-ins by assisting residents with setting up electricity, internet, and other utilities. - Resident rewards program. Offers discounts, loyalty perks, or referral bonuses to incentivize lease renewals.
- Credit reporting. Helps residents build their credit by reporting on-time payments to credit bureaus.
- Home buying assistance. Provides resources and guidance for residents looking to transition from renting to homeownership.
If you’re wondering which services and rewards to include in your benefits package, assess your property and your residents’ wants and needs. For example, try sending out a survey in your apartment newsletter where residents can voice their opinions about the rewards they want most. This will help you determine which services can be easily implemented at your building, and which will go over well with tenants.
Why should you offer a resident benefits package?
Essentially, a resident benefits package is a win-win for residents and property management. Residents enjoy an enhanced living experience while management generates new revenue and retains residents longer.
By implementing a benefits package for your residents, you’ll enjoy:
- Increased profits. The best resident benefits packages entice new residents to sign leases at your property and keeps current renters happy. You’ll also generate a new revenue stream by charging a small monthly fee per resident for the benefits package.
- Streamlined workload. Online resident portals, building automation, and similar resources offered in benefits packages can all serve to streamline the workload for staff members at your property.
- Increased resident retention. Implementing a desirable benefits program will encourage current residents to renew their leases, which leads to more long-term leases.
Learn the top 8 amenities that everyone building should have:
How do I implement a benefits package?
Communication is key when implementing a new rewards program at your property. Keep current residents up-to-date about your new resident benefits package by communicating with them regarding when and how it’ll be implemented.
It’s normal for residents to have questions about the fees associated with a new benefits package, so be transparent about any changes in rent costs.
Steps to rolling out a resident benefits package:
- Identify benefits. Before implementing an RBP, determine which services and perks will provide the most value to residents while enhancing your property’s operations.
- Establish cost. Once you’ve selected your benefits, determine how the costs will be structured. Will the resident perks package be bundled, an opt-in option, or tiered pricing?
- Timeline. Keeping this in mind, determine when current residents will have access to the rewards package, and the timeline for implementing these rewards.
- Answer resident questions. Residents will want to know about the fees associated with new benefit packages, so be transparent about any changes in rent costs.
Depending on lease consideration, you can opt to automatically grandfather in current residents for these benefits. Also, you can determine your phase-in period by putting benefits packages into effect after a 30-, 60-, or 90-day period.
Top 10 benefits to offer in your resident benefits package
The best benefits packages not only boost the living experience for residents, but also streamline the workload for your staff and maintenance teams. This improves building operations, all while generating revenue for your building.
Here are our picks for the best benefits to offer in your resident benefits package this year:
- Renter’s insurance
- Online resident portal
- Virtual concierge
- 24/7 maintenance submission portal
- HVAC filter deliveries
- Package room
- Resident rewards program
- Credit building
- Virtual self-inspections
- Late fee waivers
1. Renter’s insurance
Offering renter’s insurance gives residents the peace of mind that their assets are protected if unforeseen mishaps occur in the unit. This will help address any damages associated with fires, smoke, or flooding, as well as crimes like burglary.
2. Online resident portal
A secure online resident portal allows tenants to make rent payments, submit maintenance requests, and contact property managers. This helps streamline communication at your building, while also adding immense convenience for your renters.
What’s more, you can use this portal to store important documents like leases, rental policies, and other related paperwork.
3. Virtual concierge
A virtual concierge service lowers operational costs by providing a one-stop shop where residents can get answers to common inquiries. These services also make it easier than ever for new residents to get assistance with setting up utilities at their units.
4. 24/7 maintenance submission portal
Maintenance submission portals make it convenient for residents to submit maintenance requests and easily coordinate and schedule services.
Further, having an online maintenance portal reduces calls and emails from residents to your leasing office, allowing your staff to focus on other essential tasks.
5. HVAC filter deliveries
Many maintenance departments don’t handle HVAC filter replacement — and if they do, it’s not on an automated schedule.
So, monthly or quarterly HVAC filter deliveries and replacement services are a nice perk for residents. Plus, filter replacement will help your building’s HVAC systems last longer. Replacing filters regularly limits the risks associated with fire and smoke hazards, which not only improves safety for residents but also reduces the risk of fire damage in your units.
What’s more, you can opt to hire a contractor to replace these filters, or deliver custom filters that residents can change out themselves.
6. Package room
If you’re having trouble managing packages at your property, or delivery couriers are dropping packages off at the leasing office, you can implement seamless delivery management with an automated package room.
Package rooms help streamline deliveries at your building by providing a room where couriers can securely deliver packages. Choose a package room solution that sends automatic notifications to residents when they’ve received a package. Combining a package room with a comprehensive access control system helps keep all packages secure and organized for your residents.
Learn more about the ButterflyMX package room:
7. Resident rewards program
Offering a resident rewards program is a great way to thank residents for choosing your property. There are a variety of resident rewards programs that you can offer at your building including sweepstakes for a free month’s rent or even gift cards to businesses in your local area.
8. Credit building
Credit building and credit reporting services allow residents to build their credit just by living on your property. This also incentivizes residents to make rental payments on time since it helps improve their credit scores.
9. Virtual self-inspections
Allowing new residents to conduct virtual inspections at their units boosts convenience by eliminating the hassle of contracting a professional inspector. You can accomplish this by conducting a zoom or conference call where residents can carry out the inspection themselves.
What’s more, you can streamline this process even further by including an inspection checklist that they can follow as they complete their inspection.
10. Late fee waivers
Flexible late fee waivers are a lucrative renewal incentive for residents. Offering late fee waivers for families or residents following the loss of employment also leads to more long-term residents and higher occupancy rates.
How to avoid resident benefit package mistakes
- Overcharging without delivering
- Failing to communicate benefits
- Not updating the benefits
- Offering unnecessary benefits
Overcharging without delivering
One of the biggest mistakes property managers make is pricing the RBP too high without offering meaningful benefits. Residents will quickly recognize if they’re being charged for services they don’t find useful or could get elsewhere for less.
How to avoid:
- Conduct market research to compare pricing with competitors’ RBPs.
- Ensure that the total value of the bundled services exceeds the monthly cost.
- To create perceived value, offer a mix of essential perks (like maintenance concierge) and lifestyle-enhancing benefits (like smart home tools).
Failing to communicate benefits
If residents don’t understand what they’re paying for, they may push back against the RBP or feel they’re being unfairly charged. Poor communication leads to low participation rates and unnecessary complaints.
How to avoid:
- Use multiple communication channels (email, resident portals, lease agreements, and in-person meetings) to clearly explain the package.
- Break down the benefits into dollar savings comparisons (e.g., “This package includes $50 worth of services for just $25/month”).
- Create a Resident FAQ section addressing common questions about the package.
Not updating the benefits
Resident expectations change over time, and an outdated benefits package can quickly lose its appeal. A one-size-fits-all approach may fail to address shifting preferences, technology advancements, or demographic changes.
How to avoid:
- Regularly survey residents to understand which perks they value most.
- Stay updated on industry trends.
- Offer flexible options or tiered packages to accommodate different resident preferences.
Offering unnecessary benefits
Adding too many unnecessary perks can inflate costs and reduce profitability. If residents don’t use the included services, they may feel the package isn’t worth the price.
How to avoid:
- Focus on high-demand services such as smart access control, package management, and 24/7 maintenance support.
- Use data-driven insights to determine which benefits should be added, modified, or removed.
- Offer an opt-in option for less commonly used benefits instead of bundling them into a mandatory package.
Resident benefit packages FAQs
What is an example of a resident benefits package?
A resident benefits package (RBP) is a collection of services and perks designed to enhance the resident experience while providing additional value to property managers.
The best perks and benefit packages might include resident reward programs, concierge packages, or package management services.
What does RBP mean on a lease?
On a lease, RBP stands for Resident Benefits Package. It refers to an additional service fee included in the rent that grants tenants access to a bundle of perks and services. An RBP fee is typically listed as a separate line item in the lease agreement.
