Renting homes has been a popular choice for living, with over 45 million households choosing to rent instead of owning. As a landlord, one of your most important jobs is retaining the residents you have to keep your occupancy rate high at all times.
Keeping your tenants in their units saves you money on marketing, reduces the time spent finding new tenants, and fosters a sense of community among your residents. Securing lease renewals from your tenants can be straightforward if you take the right steps. Here are some easy ways you can encourage your tenants to stay in their current apartment.
Property Managers Are Key
Providing your renters with the best place to live will help with the satisfaction rates of your tenants. One way to keep the rental experience a positive one is by hiring a property management company.
Property managers handle inquiries and concerns that your tenants have quickly and efficiently. They will ensure that the building is clean and maintained, which will show your renters that you care about their safety and happiness.
Screen Your Tenants
One of the best ways to retain tenants starts before your tenants sign a lease at your property. You can have more success with tenant retention by choosing reliable tenants.
The best way to do this is by utilizing a tenant screening service. Property managers who offer tenant screening services will thoroughly check the potential tenants before you offer them a rental lease.
The screening will include areas like employment verification, credit checks, and background checks. You can find out if potential renters have a history of possible rental issues like being disruptive or making late payments.
Communicate
With any relationship, communication is an important quality to have between you and your renters. Consider creating an online portal to keep your renters updated on things like community events, maintenance updates, and other information that you need to share with them.
Make sure to seek feedback from your tenants on the building and the job that you are doing. You'll be able to make improvements to your management style or building that your tenants have asked for.
Give Tenants Incentives
Incentives are an easy and effective way to encourage tenant retention. One idea is to offer your tenants incentives for signing lease renewals.
Encourage Community
Creating a sense of community in your building or complex will make your tenants feel like they belong. Host community events and resident get-togethers, and be present at these activities.
Lean into the holiday season by holding parties or gatherings at these times. In warmer months offer different sporting activities like pick-up basketball or group softball. When people have a sense of belonging in an area, they'll be more hesitant to leave it.
Lease Renewals Make Your Life Easier
Putting in the effort to retain your tenants will keep your tenants happy and will mean less work for you. Screen potential tenants, keep your rates competitive, keep your tenants happy, and before you know it, the lease renewals will be pouring in.
If you're looking for property management in California, PMI Alameda County is the place to call. Our twenty years of experience mean we can handle any property management issue that comes our way. Get the process started by scheduling a free consultation today.
