As a rental property owner, you already know that renter retention is one of the keys to long-term success. Not only do high turnover rates increase costs, but they can also affect the stability of your investment property in other manners. Because of this, resident retention should be a key priority for landlords and rental property owners alike. Fortunately, a few simple, proven strategies can make a big difference in keeping residents content and happy to renew their leases year after year. Here are our best tips for boosting resident retention and ensuring your properties stay profitable and thriving.
Build Trust Between Renters and Landlords
Relationships with people have a significant role in what owners and landlords do in the rental industry. Effective communication and a sense of trust between a renter and their landlord is a crucial component of long-term retention.
As a property owner, you can build a good relationship with your renters by communicating frequently (and positively) with them, keeping open lines of communication, responding to their demands straight away, and checking in with them once in a while. While you don’t want to go too far, staying responsive to your renter can help them feel like you care about their wellness and motivate them to stay in their rental home longer.
Ensure the Property is Properly Maintained
Together with cultivating a positive relationship with your renters, staying on top of your property maintenance and repairs is equally important. These two tactics match one another, mainly when trying to improve retention rates.
One of the biggest reasons why renters leave is poor property upkeep, particularly if they have made maintenance requests that have been overlooked. Furthermore, proactive maintenance can reduce costs by avoiding costly emergency repairs and showing your renter that you want them to live in a well-kept property. They might inspire them to take good care of the property, which can also protect the value of your property.
Invest in Thorough Tenant Screening
Certainly, finding renters who will take good care of your property is quite challenging. However, you can properly screen your applicants before signing a lease. Screening renters is vital because it may help you assess whether a prospective tenant is reliable, accountable, and a good fit for your property.
In addition to informing you of any previous problems, an extensive background check should provide a detailed look at your renter’s finances, credit history, and rental history. Just be sure to ask for and check their references, including previous landlords, any arrest histories in your state, and any states where they’ve previously resided.
Provide Incentives for Lease Renewal
A wonderful approach to encourage lease renewals is to offer incentives your current resident. Regrettably, a lot of rental property owners leverage the lease renewal to raise their rental rate or enforce terms that make their renter unhappy or unwilling to renew. Even though a rental rate increase may not always be avoidable, it should be appropriate and supported by a statement of the value the tenant will receive in return.
For instance, you might highlight recent property upgrades, such as new appliances, enhanced amenities, or increased safety measures. In addition, you could want to think about giving your resident a small discount for renewing early, a free carpet cleaning, or even a minor unit upgrade, such as fresh paint or new fixtures. Even a small offering can go a long way toward making your resident feel valued and maintain a sense of trust.
When to Call the Experts
These proven strategies can significantly improve resident retention, decrease turnover expenses, increase appraised value, and create happier, long-term tenancies. Certainly, managing a rental property and resident relationships may be complicated and laborious.
At Real Property Management Lakeside, we recognize that managing rental property and resident relationships may be extremely difficult and time-consuming. That’s why we’re here to help. Our staff is prepared to aid you in boosting resident retention in Lakeland and the areas nearby. Contact us online or call 863-877-1078.
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.
