As a rental property owner, you are well aware that renter retention is critical to long-term success. Not only do high turnover rates increase costs, but they can also jeopardize the stability of your investment property in other ways. As a result, resident retention should be a key priority for landlords and rental property owners alike. Luckily, a few basic, tried-and-true strategies can make a significant difference in keeping residents satisfied and willing to renew their leases every year. Here are our top ideas for boosting resident retention and ensuring your properties stay profitable and prospering.
Build Trust Between Renters and Landlords
In the rental industry, so much of what owners and landlords undertake is about relationships with people. Excellent communication and a sense of trust between a renter and their landlord is an important aspect of long-term retention.
As a property owner, you can build a good relationship with your renters by interacting often (and favorably) with them, developing open lines of communication, replying to their demands quickly, and checking in with them on a regular basis. While you don’t want to go overboard, staying responsive to your renter can help them feel like you are concerned about their safety and motivate them to stay in their rental home longer.
Ensure the Property is Properly Maintained
In addition to cultivating a positive relationship with your renters, maintaining on top of your property maintenance and repairs is also critical. These two methods complement on one another, particularly when searching to improve retention rates.
Inadequate property upkeep is one of the leading reasons why renters leave, mainly if they have made maintenance requests that have been disregarded. Apart from that, proactive maintenance can reduce costs by avoiding costly emergency repairs and showing to your renter that you want them to live in a well-kept property. This may motivate them to take good care of the property, which can also protect the value of your property.
Invest in Thorough Tenant Screening
Obviously, finding renters who will take good care of your property is easier said than done. Yet, you can meticulously screen your applicants before signing a lease. Screening renters is important because it may help you evaluate whether a possible renter is trustworthy, responsible, and a good fit for your property.
A thorough screening should examine a detailed look at your renter’s finances, credit history, and rental history and notify you of any previous concerns. Simply ask for and check their references, such as former landlords, any criminal history in your state, and any states where they have previously lived.
Provide Incentives for Lease Renewal
A best method to encourage lease renewals is to incentivize your present resident. Sadly, numerous rental property owners use the lease renewal to raise their rental rate or imposed limitations that make their renter unhappy or unwilling to renew. While a rental rate increase may not always be preventable, it should be fair and accompanied by a description of the value the tenant will receive in return.
For instance, you might highlight recent property upgrades, such as new appliances, enhanced amenities, or improved security measures. You might also try giving your resident a small discount for renewing early, a free carpet cleaning, or even a little unit update, such as fresh paint or new fixtures. Making your resident feel valued and preserving a sense of trust can be accomplished with even a modest gesture.
When to Call the Experts
These proven strategies can considerably improve resident retention, lower turnover costs, increase property values, and result in healthier, long-term tenancies. Obviously, managing a rental property and resident relationships can be difficult, requiring time and effort that you may not have available.
At Real Property Management Brevard, we understand that managing rental property and resident relationships may be difficult and time-consuming, which you may not have available. Our staff is ready to assist you in boosting resident retention in Rockledge and adjacent areas. Contact us online or call 321-610-8022.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
