Tenant turnover is one of the most expensive parts of owning a rental property. You will still be obligated to pay for the upkeep of the unit, without it bringing in any income. Additionally, you will have to invest time and money in advertising, screening, and otherwise trying to fill the vacancy. Though tenant turnover is something every landlord will have to deal with, there are a few ways to help decrease the turnover rate in your rental properties.
1. Obtain High-Quality Tenants
Overlooking effective, thorough screening processes can result in you obtaining some problematic tenants. Not only are evictions stressful and expensive, but they also result in vacant properties. By thoroughly screening your potential tenants, you can help to weed out the bad ones and prevent evictions from becoming an issue.
2. Maintain Positive Relationships
The better the relationship you have with your tenant, the more likely they will be to renew their lease. Ensure that you keep the relationship professional, but be sure to check in with your tenants frequently, as well as respond to questions or concerns as quickly as possible. Remember their birthdays, move-in anniversaries, and other important dates.
3. Keep in Line with the Market
Regularly check the rent prices in your area. Ensure that your rent remains consistent with these prices. If a tenant can get far lower rent in another nearby building, they’ll probably choose to move there. This research and price adjustment can help to keep your rental property competitive and occupied.
4. Consider Allowing Pets
Many studies have shown that tenants with pets tend to be more satisfied overall. Additionally, allowing pets is becoming more widespread, so forbidding pets on your property can significantly diminish your potential tenant pool.
5. Reward Good Tenants
Show your good tenants that you appreciate them. Consider giving concert tickets or gift cards to tenants that consistently pay their rent on time or engage in other positive behaviors.
Tenant retention can go a long way toward minimizing your expenses and stress, which can ensure the most success for your business. When you obtain a good tenant, you want to take all of the steps necessary to retain their business. Contact our experts at the Keyrenter in North Dallas to learn more about how to decrease tenant turnover in your rental properties.