tenant retention

Four Ways Landlords Can Hold on to Their Best Renters

Four Ways Landlords Can Hold on to Their Best Renters

Whenever a renter leaves, you have to put time and money into preparing the unit for the next tenants. During that time, you are also missing out on the rental income that you rely on. With turnover being as costly as it is, landlords should do what they can to keep the existing tenants they already have, especially if they’re reliable.

It’s far more desirable to hold on to renters that have things like apartment insurance and pay their rent on time than to potentially have difficult tenants. Even spending a little money on your tenant retention efforts could potentially save you more in the long-run.

Improving Tenant Retention

Improving Tenant Retention

Propertyware just posted a piece on how to improve tenant retention. I summarize the two key takeaways here and add to their list with some of my own thoughts. First, it is important to understand the value that tenant retention has on your business. Many property managers see tenant turnover as "part of the job," but effectively reducing turnover improves your operating margin and can bring much bigger returns to your business. If your fee per month is greater than any turnover fees you charge, there is even more incentive to reduce turnover. In fact, the idea of a turnover fee is against a property owner's best interest as you should see your job as creating a tenant experience that keeps tenant's renting. So here are 3 things that will have the biggest impact on retention - my input comes first.

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