Apartment dwellers are, by nature, a temporary sort. They are prone to moving around with more ease and more often than home owners. In order to keep tenants, there are some things a landlord can do in order to make it more appealing to stay. Here are some tips for boosting tenant retention:
1. Offer renewal incentives.
Offer renewing tenants incentive such as one-half or one month free on the anniversary of their move-in. Many Landlords will offer this to new tenants, but that strategy only gets tenants in, it doesn’t keep them. Offering tenants the same kind of deal makes them feel wanted as well.
Guarantee tenants that you will perform limited upgrades and improvements every 1 – 2 years. Work such as new paint, updated fixtures, etc., is work that would most likely be done on a vacant apartment and will help the apartment to stay looking good, whenever a tenant does move on.
Offer monthly raffle drawings for tenants. Talk to service providers about deals for WiFi or cable that could be passed on to the tenant, or offer free WiFi in common areas in the apartment building (lobby/roof/laundry room).
4. Be a good landlord!
What tenants want most of all is to be treated well, and fairly. Give tenants holiday cards thanking them for their tenancy. Perform maintenance and get back to tenant requests in a timely manner. In the event of rent increases, make sure you explain them to tenants and give them fair warning. Provide a forum for feedback so you can learn what is going well and what isn’t. And always respond to tenants in a courteous, kind and prompt manner. Not only will good treatment result in better retention of current tenants, but word of mouth about good landlords can result in easier filled vacancies as well.