We’d all like to hold on to the residents we have, though we know living situations are as individual as people themselves. It is impossible to control factors like life changes, job transfers or the reversal of financial circumstances, for instance. For those residents who have a choice whether they will stay or seek another rental, however, there are some enticements that can help encourage them to stay.
Make your rental the best
The most effective way to retain your residents is to make your rental property the only place they would want to live. This requires responding instantly to concerns and requests for repairs, communicating well and creating an attractive, desirable environment inside and out. Don’t underestimate the importance of good landscaping. Encouraging residents to take pride in their homes – say, by not allowing pile-ups of belongings on porches, for instance – also helps make a community a truly desirable place to live.
Create a feeling of community
Many residents enjoy a sense of belonging in a neighborhood or a community with other residents. Sending out a monthly newsletter by mail or email, as well as offering social mixers, are great ways to help residents put down roots and want to stay indefinitely.
Rent price
Aside from not liking a rental due to problems with neighbors or overdue repairs, residents will most often seek new housing if the rent goes up beyond what they believe is fair or affordable. When you are thinking about raising the rents on your properties, consider whether or not an increase will be worth the possible consequences.
You might even send a card when the lease term is up to let your resident know that you are so happy to have them there that you won’t be increasing the rent. If competition is particularly tight in your area and it makes sense for your bottom line, maintaining rent rates can be an effective incentive to residents.
Thoughtful perks
The additional incentives you could offer residents are limited only by your budget and imagination. You can offer to paint high-traffic areas of the rental, install or upgrade an alarm system, put in a water filter system or upgrade the rental’s countertops, appliances, plumbing, wiring or lighting fixtures. If your rental has a weak spot that you fear your resident may tire of, assess how you can make it better.
Keeping good residents is what property owners dream of, so don’t let yours go without a fight! There are plenty of ways to let your resident know how happy you are that they’ve chosen your rental and encourage them to make it their home for a long time to come.
In our rental houses and apartments, we like to give a sense of community also. It’s nice to see the residents gather on Holidays and actually get to know each other, no feeling awkward about it. When this “proverbial ice” is broken, all becomes well.