5 Strategies For Increasing Your Tenant Retention Rates

Every landlord knows that a good tenant is worth their weight in gold, so once you find a few good tenants, you want to keep them. That's essential if you want to keep your rental property profits stable. After all, high turnover rates and vacant apartments can be costly, not to mention the extra marketing costs you have to put into attracting replacement tenants every time someone leaves.

What can you do to increase your tenant retention rates? Here are some suggestions:

1. Get to Know Your Tenants Personally

Introduce yourself, and make sure that you establish clear communication channels with all of your tenants. If you're proactive about reaching out once in a while to see if your tenants' needs are being met, you can foster a sense that you're approachable and responsive. In turn, that can help your tenants feel like you have an "open door" when they have a problem to address.

2. Foster a Sense of Community Amongst Your Tenants

People tend to stay in places where they feel like they have roots and are engaged with those around them. Organize community events, like summer holiday barbecues and resident game nights, that will help your tenants feel like they belong. 

3. Prioritize a Positive Living Environment

You won't keep good tenants if you let your property get rundown or fall into disrepair. Schedule routine inspections of common areas for maintenance needs and make sure that your cleaning crew is doing their job. Don't neglect landscaping, either, since your "curb appeal" can heavily influence the atmosphere of your apartment complex or buildings.

4. Be Flexible and Offer Incentives for Lease Renewals

Consider offering flexible lease options for your long-term tenants, including month-to-month options. Knowing that they aren't "locked in" for another year every time they renew the lease may relieve some tenants' anxiety about their own changing needs or futures. Make sure that you send lease renewal reminders early, and think about loyalty discounts and temporary rent freezes as incentives to re-up.

5. Be Transparent About Everything

Your tenants won't be happy if they think you're keeping important information from them. Make it a policy to remain clear and transparent in your communications about any changes to the terms of your leases and policy updates when it comes to payments, repairs, guests, and behavior. These are the things that most directly affect your tenants' lives.

If you're struggling in this area, you may want to discuss what a professional rental property management service can do to help you. Improving your tenant retention rates is one of the best strategies you can have when it comes to ensuring a consistent stream of revenue.

Contact a professional to learn more about rental property management. 

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