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Top Ways to Improve Resident Retention and Reduce Turnover

A rental property tenant sits comfortably on a couch in a stylish living room.
As a rental property owner, you already know that resident retention is one of the keys to long-term success. Not only do high turnover rates increase costs, but they can also disrupt the stability of your investment property in other ways. For this reason, keeping residents content and happy should be a top priority for landlords and rental property owners alike. Fortunately, a few simple, proven strategies can make a big difference in encouraging renters to renew their leases year after year. Here are our best tips for boosting resident retention and ensuring your properties stay profitable and thriving.

Strengthen Landlord-Tenant Relationships

Building a strong relationship with your residents is not just about effective communication; it’s about establishing trust. This trust is a key factor in long-term retention, as it makes your renters feel valued and understood.

As a property owner, you can foster a strong relationship with your residents by communicating frequently (and positively) with them, creating open lines of communication, responding to their requests promptly, and checking in with them every so often. While you don’t want to overdo it, staying responsive to your renter can help them feel like you care about their well–being and encourage them to stay in their rental home longer.

Routine Maintenance to Improve Appeal

Another crucial aspect of improving retention rates is maintaining your property. A well-kept property keeps your renters happy and reduces turnover by providing a comfortable living environment.

 

Poor property upkeep is among the top reasons why renters leave, especially if maintenance requests are ignored. Beyond that, proactive maintenance can reduce costs by avoiding costly emergency repairs and demonstrating to your renter that you want them to live in a well-maintained property. This may encourage them to take good care of the property, which also helps protect the value of your property.

Prioritize Quality Tenant Screening

Of course, finding renters who will take good care of your property is easier said than done. However, you can thoroughly screen your applicants before signing a lease. This screening process is not just important—it provides a sense of security, helping to determine if a potential renter is reliable, responsible, and a good fit for your property.

 

A quality screening should provide a detailed look at your renter’s finances, rental history, and references. Be sure to check with previous landlords and look into their rental history in states where they’ve previously resided. Thoroughly screening renters ensures you find applicants who are more likely to care for your property and contribute to its long-term stability.

Incentives to Encourage Lease Renewals

A great way to encourage lease renewals is to incentivize your current resident. Many rental property owners use lease renewals as an opportunity to increase the rental rate, which can sometimes lead to dissatisfaction. While a rental rate increase may not always be avoidable, it should be reasonable and accompanied by a description of the value the tenant will receive in return.

 

For instance, highlight recent property upgrades, such as new appliances or enhanced amenities, to show how the rental rate aligns with added benefits. Consider offering a small discount for renewing early, a free carpet cleaning, or minor unit upgrades like fresh paint or new fixtures. These small gestures can make your resident feel valued and improve resident retention.

When to Call the Experts

These proven strategies can significantly boost resident retention, reduce turnover costs, raise property values, and create more stable, long-term tenants. Of course, managing a rental property and fostering resident satisfaction takes time and effort, which may be challenging for busy property owners.

 

At Real Property Management Exclusive, we understand the importance of keeping renters content and reducing turnover. That’s why we use various strategies to help landlords and rental property owners achieve success. For expert assistance in Phoenix and nearby areas, please contact us or call 480-716-7899. Our team is ready to help you maximize your rental properties and achieve long-term tenant retention.

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