Tenant loyalty can be the key to success when it comes to rental property management. Keeping tenants isn’t just beneficial for tenant satisfaction— it’s also a lot cheaper than having to constantly replace them. So, what can you do with your rental property management to decrease tenant turnover and help your tenants stay longer?
Here are some of the best tips:
1. Implement Rent Stabilization Measures
Rent stabilization allows tenants to stay in their current rental for an extended period while avoiding large rent increases. For example, in California, landlords can’t raise the rent by more than 10% over 12 months. You want your tenants to feel in the know and cared for—this will help to create a sense of stability and security among tenants, allowing them to commit more easily to staying with you as a landlord.
2. Take Tenant Screening Seriously
Unreliable tenants will naturally lead to higher turnover rates, so you must make tenant screening a top priority with your rental property management. This means conducting thorough background checks and interviews for prospective tenants to ensure they have the financial stability and good behavior to be reliable renters.
You can ask for references, run credit checks, and contact previous rental properties to confirm this is the right tenant for you.
3. Offer Easy Maintenance Solutions
We’ve all experienced the hassle of having to contact a property manager, wait for them to respond, and then again for scheduled maintenance. Make sure your tenants can easily request maintenance at any time they need it—an online portal or a dedicated tenant app can be a great way to facilitate this.
This will help create a positive relationship with them as well as allow their lives in the rental property to run smoothly and efficiently.
4. Make it Easy to Pay Rent
Not everyone can pay rent in person or even by check. Make sure to offer different methods of payment, like online portals and mobile apps, so your tenants can pay rent on time each month without any hassle.
This convenience will show tenants that you are invested in their experience as a tenant and make them more likely to stay for longer.
5. Take Care of the Property
Make sure your rental property is in good condition and carefully maintained. You’ve heard the term curb appeal—this is what you should focus on. Keep the exterior and interior of your rental property well taken care of, and make sure to address any repairs or maintenance issues as soon as possible.
By following these tips, you can decrease tenant turnover and create a loyal customer base for your rental property. With better tenant loyalty comes increased revenue while reducing costs associated with finding and onboarding new tenants. Invest in your rental property and its tenants, and you’ll be rewarded with a steady income stream.
Let Amanica Handle the Gruntwork
At Amanica, we take care of the time-consuming stuff so that you can focus on building your business. We offer rental property management solutions that make tenant screening, maintenance requests, and rent payments easier for you and your tenants. Contact us today to learn more about our services and see how we can help you reduce tenant turnover in your rental property.