Did you know that tenant turnover rates are nearly 50%?
Every landlord's dream is the same. They want a well-behaved tenant that pays rent on time and renews their lease each year. But just one look at the data shows that at least half the time, that golden tenant will move on to greener pastures.
Fortunately, there are ways to decrease tenant turnover. People don't want to move every year, since moving is so bad that it can make you depressed. However, there tend to be a handful of reasons why you're failing to convert a person into a long-term tenant.
Keep reading for just five ways you can avoid tenant turnover.
1. Decrease Tenant Turnover by Staying on Top of Maintenance
No one likes to live in a home with a broken water heater or a leaky air conditioner. Now imagine your tenant reporting an issue like this, but you never respond. That tells them loud and clear that their landlord doesn't care, and it's time to pack their bags.
Respond as promptly as you can to all maintenance requests, or send someone else. If you become a flaky landlord, then that information could spread to prospective tenants as well.
2. Think Long and Hard About Raising Rent
Times are getting hard, that much is sure. Housing is a necessity, one that's very hard to get for an affordable price these days. Nothing embitters tenants more against landlords than constant rent hikes.
Ask yourself if you really need to raise the rent. Has the cost of maintenance increased, or the property taxes? If you're just raising the rent to give yourself a bonus, then be ready for unhappy tenants that never renew.
3. Consider Altering Existing Policies
Perhaps you've been staunchly against allowing pets on the property. Just know that you will get more tenant applications if you allow them. The same goes for other lease agreements which your tenants may feel are arbitrary or outdated.
Conduct exit interviews or collect tenant feedback and you may discover things that would make them more likely to remain.
4. Screen Tenants Beforehand
New tenants may appear like decent folk on the surface. But as soon as they move in, they turn into a headache. They don't pay rent on time, they violate your policies, and they flirt with eviction.
Many times you can avoid a bad tenant by conducting background checks. You can include the cost in the application fee, too.
5. Stay Competitive
It may just be that the reason you're not keeping tenants is that other properties are better. These places renovate their spaces, offer perks that you don't, and modernize their properties with smart appliances.
Look at what the competition is doing and consider doing the same. This is the free market, after all. People will choose what's best over all other options.
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If you want to decrease tenant turnover, then just make your tenants happy. Be responsive to their petitions, give them what they want, and find ways to make their experience better. If your only intention is to make the highest rental income then you may be disappointed.
Are you in the Jacksonville area? Managing rentals is hectic, and we know that better than most. Let us manage your rental today and we'll handle the stress for you.