How to Reduce Tenant Turnover
Tenant turnover describes the rate at which tenants leave a rental property for any reason. Follow these tips to reduce the tenant turnover:
Pre-qualify all tenants
Investigate your prospective tenant’s background to get an idea of their previous rental habits. Avoid renting your property to tenants with a history of evictions or broken leases. Also avoid the tenants with significant legal issues, as a legal action taken against them by the state may cause other tenants to leave.
Design the community to feel like a home (optional)
If you have rented multiple houses or apartments in the same area, try adding a feel of community to the area by incorporating attractive features such as a gym or a swimming pool for residents to use. Also consider adding a walking trail, a small park or a playground for kids. A clubhouse with a spacious kitchen, a game room and internet lounge can be a great attraction for a lot of tenants.
Design the houses and apartment keeping in mind the types of tenants you want
Although the property is meant to be rented out to a third person to live in, make sure you design the units keeping in mind the needs of people. For instance, if you wish to get rich tenants, you will have to attract them with expensive furnishings. Tenants usually love apartments with open floor plans, high ceilings and a lot of windows, because all these features create a less crowded feel.
Maintain healthy relationships with tenants after they move in
Maintaining good relationship with your tenants also plays a key role in reducing tenant turnover. Communicate with them to know how satisfied they are living in your home and identify the areas that need your attention or improvement. For example, leave a satisfaction survey with the tenants every time a maintenance or repair is carried out on their rental unit.
Respond to all tenant requests quickly
There is nothing more annoying than a landlord who never responds to a tenant’s call. Make sure you respond timely to your tenants’ requests. Make all repairs as soon as possible. If you feel you cannot cater to any request in a timely manner, it is best that you talk to the tenant about it rather than ignoring the request.
Personalize service to your tenants and reward them for their loyalty
It is a good idea to offer incentives to the current tenants for renewing their leases. For example offer gift packs to those who decide to renew their contract, or free rent for a month for the tenants who have renewed their lease several times.
