According to the 2014 report from NCHM (National Centers for Housing Management), 54 percent of apartment turnover happens each year. Most of the conversions are due to:
- The appearance and the condition
- The availability
- The convenience (generally the location)
- The value of the rent
- Space and the design
If you are having problems in retaining good tenants who are able to pay the rent on time, who can take care of the property, and well-mannered, then you can use these top strategies in retaining good tenants:
One: Always look after the property
One of the best tips that most property management, like the Denver Colorado Property Management Companies, would always point out to their clients is to look after their properties. No tenants in their right mind would decide to renew their contract in a place that is less-managed and less-maintained. Plus, it is the landlord’s responsibility to ensure that the property is clean, well-maintained, and secure. Be proactive as much as possible when it comes to housing maintenance.
Two: Always observe fair housing rules and practices.
Setting housing rules and practices are allowed in any law; however, do not forget that there are limitations. Do not act too smart, even if you are the landlord, remember there are laws that protect the rights of the tenants. So, make fair housing rules and practices that will benefit both property owner and the tenant.
Three: Keep your rental fee reasonable.
There are a lot of tenants who are discouraged about paying more when they get less. If you want to raise your fee, consider the market value of your property, and try asking “is it worth it?” Try to consider the following before increasing your rental fee:
- Is the property near to the town?
- Are there new property upgrades?
- Is the location of the property on demand?
Try to be reasonable. If your property is worth the increase, then using your right as the property owner, however, to retain your tenants, you need to explain why you need to change the rental fee. There are a lot of ways to keep your good tenants from moving to your competitors, however, the best way to keep them is to treat them fairly and make them feel comfortable. Additionally, be proactive and do not hesitate to for feedback or anything they need. Do not be a stranger and treat them like a family.