As a property manager, one of the easiest ways to increase profits is to increase tenant retention. The more tenants stay after their initial lease, the less time and money you have to spend advertising, screening new tenants, and doing move-out cleaning and repair sessions. To that end, here are three ways to increase tenant retention in an apartment community.
Give them a discount.
Like many property managers, you probably raise your rent rates each year. To get tenants to stay, it's a good idea to offer those who are renewing their leases a discount as compared to new tenants. For example, if you're charging new tenants $800 a month, you could let existing tenants sign a new lease at $775 a month. This will help make it more affordable for them to stay in your community rather than moving. The discount also shows that you appreciate their continued business.
Always be adding new amenities.
After spending a year in your apartment community, your tenants will already be used to all of the existing amenities. Sure, they may still use and appreciate them, but they will have lost that initial awe. Adding new amenities, even if they're something small, will help keep your community interesting and encourage tenants to stay. Try to add something new every year. Some simple property management services include:
Adding new swings or playground equipment
Planting a new garden
Setting up a reading corner in the community building
Adding new fitness equipment to the gym
Starting some community clubs, like a running or reading club
Ask current tenants for feedback, and take it to heart.
Get into the habit of sending out a "tenant survey" to tenants once they have lived in your community for a few months. Ask what you are doing well, and what they would like to see improved. Then, take this feedback to heart and make improvements to the community. For instance, if multiple tenants complain that the office never opens on time, you know that's something to work on. When your tenants see you working hard to address their concerns, they will be more likely to stay.
If you follow the tips above, you'll have an easier time getting tenants to stay for more than one year. Keep in mind that due to life circumstances, like job and family obligations, some people are always going to move on after one year. Your job, however, is to keep people from moving on simply because they're not happy in your community.