Minimize tenant turnover with these simple tips.

Making tenants happy and getting them to renew their leases is not always as easy as property managers would like. Empty units brings revenue loses plus extra expenses from getting a new tenant to sign. That’s why we bring you these ideas to minimize tenant turnover at your property.

Tenant screening

Well screened, reliable tenants are more likely to stay for a couple of years. Plus, when they do end up leaving, chances are your unit will be left in good condition, lowering your turnover expenses.

Screening is probably the best way to minimize tenant turnover so make sure to invest as much time as you can before signing a new tenant.

Consider when and how much to increase rent

Before increasing rent make sure you are ready for the possibility of your current tenants leaving. Can you afford the turnover costs right now? Sometimes is better to negotiate with a current tenant than bear the revenue losses and expenses from an empty property.

Consider first if they’ll be able to pay more or if an increase will drive them out. If they are good tenants it might be worth it to wait until circumstances are better for them.

Think about all the possibilities before deciding when and how much to raise.

Work on your leases

There are many reasons why tenants choose to leave. A lot of times is for personal reasons and there’s nothing you can do about it. What you can do is make sure you are covered by the lease.

Include clear terms about damages, security deposits, move-out cleaning costs and any other item you can imagine coming up.

These measures not only protect you from any extra expenses, but when everything is clear from the beginning chances are your tenants will put extra care in returning the unit in the best condition possible.

Understanding why renters leave to minimize tenant turnover

The main reasons why tenants leave are completely out of control of property managers. It usually involves changes in job, relationship and financial situations, so we suggest you focus on those things you actually can do to keep them happy and in place.

Be on top of maintenance issues. This comes hand in hand with improving communication. You need to resolve any issues as soon as possible and make sure your tenant is aware of every step of the process.

Make sure you are offering the amenities your tenants actually want and need. Maybe you have a hot tub in the rooftop that no one uses. If all they really want is to be able to skip the weekly trip to the laundromat, they will probably leave you for a building with a laundry room no matter how cool your hot tub is. And honestly, setting up a laundry room for the community you manage is easier and cheaper than you might think.

Finally, the best way to find something out is asking! If possible conduct exit interviews to understand why your tenants are leaving. Also ask questions to those who choose to renew. You’ll learn what are you doing right and what you can do better.

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