Did you know that 95.3% of apartments are already occupied? As a result, as many as 14 prospective renters may compete to secure a lease. Instead of navigating this competitive market, your renters may prefer to renew.
Learning how to keep renters in your investment property can boost your occupancy rate. Your earning potential will rise! You won't have to worry about the cost of cleaning, marketing, or screening new renters.
Unsure how to start keeping good tenants? Keep reading to discover our top tenant retention strategies!
Screen Applicants
To keep great tenants, you first need to find good tenants. Develop a tenant screening process by evaluating each applicant's:
- Rental history
- Eviction history
- Criminal background
- Credit score
- References
Find reliable renters who have the finances to rent your property. Confirm that they don't have a history of evictions or criminal behavior. About six million households are behind on rent.
Choosing these renters will give you peace of mind. You won't have to worry about renters who cause trouble. Instead, you can select renters you can trust; people you'll want to keep long-term.
Ensure Effective Tenant Communication
Engage with renters from the moment they apply. Communicating with tenants will show them that you care about their concerns. They'll learn to rely on you as their landlord.
If you're unresponsive, they could grow frustrated. They may decide to move out to find a more empathetic landlord.
For effective tenant communication, use an online rental portal. Allow tenants to automate rent payments or send maintenance requests. Using a portal will make it easier for you to track conversations.
Respond to tenants politely and promptly. Let them know you care by finding a quick solution to their problem.
Send renters a 60- to 90-day notice before their lease ends. Outline any changes you're making to the agreement.
Use technology to streamline the lease renewal process. Making the process easier can encourage faster renewals.
Maintain the Property
Keep your beautiful investment property in good shape. Complete routine inspections to spot problems before the property deteriorates.
Start retaining quality tenants by offering upgrades. You can install smart home technology and security features to enhance tenant living experiences. These upgrades will give you a competitive advantage in today's real estate market.
Offer Incentives
Offering incentives could convince renters to stay. These include:
- Free upgrades
- Cleaning services
- Rental discounts
- Holiday or birthday gifts
- Concierge services
- Cash incentives
Outsource Tenant Retention Strategies
Consider hiring a property management company. Their tenant retention strategies can streamline this process.
Choose a full-service company. Their services can improve tenant living experiences and satisfaction rates. Keeping tenants happy can encourage more renewals.
Keep Tenants in Your Investment Property
Retaining great tenants in your investment property will boost your occupancy rate. Use these tips to start keeping good tenants. As your retention rate increases, so will your ROI!
Remember, you don't have to apply these tenant retention strategies alone. Nest Finders recognizes the importance of individualized assistance. We'll cater our services to your specific requirements while eliminating the stress of property management.
Trust our ability to lower your expenses and lease your property faster. You can have confidence in our guarantees. Contact us for a free rental analysis today.
