Learn how to boost your tenant retention rate with these tips from our expert team
When it comes to your tenants, it’s important to prioritize and understand their needs if you want to boost your retention rate and gain overall success in your multifamily property investment strategy.
Join us and learn the top five tips that could help boost your tenant retention rate and make tenants more likely to commit to your property as a long-term home.
#1: Communicate with your tenants
It’s crucial to remain social with your tenants as the relationship you build with them makes it easier for them (and you) to feel more connected and safe within the community.
People are more likely to stay where they live if they have strong interpersonal connections and familiarity within their community. Check-in regularly, hold community events, and make your property as hospitable as possible.
Learn more:
How multifamily owners can build trust with tenants
#2: Keep rent prices consistent
When it comes to the price of rent, it may be tempting to not follow the market’s lead. For better tenant retention rates, it’s important to keep the cost of rent consistent, so that your tenants aren’t caught off guard and end up suddenly moving out.
Currently, the average cost of rent for a two-bedroom apartment in Orlando is $1,969 per month. [1] Rent recently hit its peak in November 2022, and has since decreased. As the market continues to fluctuate, be sure to keep watch on rent prices in your area to stay competitive in the market and fair for your tenants.
#3: Take tenant feedback seriously
Tenant feedback can be crucial for your property. Providing a survey via email or text will show your tenants that you care about and prioritize their needs. Receiving any feedback and following through on those tenant wishes will be essential to maintaining tenant longevity for your property.
If you send out a survey and multiple tenants suggest updating the parking lot or coworking spaces, for example, invest the time and money needed to make those changes for your tenants.
#4: Stay updated on maintenance
Keeping up with maintenance will impact how long your tenants stay. Regular maintenance updates affect your tenants a lot more than you may think. Making sure your tenants feel like they’re in a safe place provides them with the peace of mind that everyone needs in their home.
Stay up to date on maintenance duties like cleaning out dryer vents, checking fire alarm batteries, and monitoring HVAC systems to assure tenants that their living space is completely safe and comfortable.
#5: Be flexible with your tenants
Show your tenants that you can work with them, not against them. Allowing some of your loyal tenants some leeway when it comes to certain aspects of your property, like needing an extra day before paying rent or painting the walls (as long as they paint it back to the original color before leaving) are common examples that can show your tenants that you can compromise and work with them.
Related resource:
Top four multifamily property trends you need to know about
Looking for further advice on your multifamily property investment?
At 100Units, our team of highly skilled and passionate multifamily investment advisors will meet all of your multifamily property needs by analyzing trends, market conditions, and local competition to ensure your investment success.
Contact our team today at 866.GO.UNITS or fill out the form here.
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