Resident Retention: How to Keep Your Tenants Happy

As property managers, we often refer to our properties as communities and our goal is always to keep our tenants happy. We chose this business because we love working with people and we strive to build long-lasting relationships. Here are our top three tips for tenant retention.

1. Create a sense of community

There are many ways to encourage renters to engage in social activities. Community events are a great way to do this. Consider holding a community garage sale or even a outdoor movie night. If the community has a pool or clubhouse, that is a great way to get everyone together in the same place. Simple events and social gatherings encourage residents to gather and get to know each other. Tenants are less likely to leave if they have strong relationships with their neighbors. If you don’t already, start a monthly newsletter with local announcements.

2. Take action

Forget the “Golden Rule” – treat others how THEY want to be treated. Everyone wants everything done right – and right now – so the more you can do to accommodate the tenants’ needs and schedules, the happier they are. Show your appreciation to long-term tenants and take their concerns seriously. If they call to complain about maintenance issues or somebody in their parking spot, respond promptly and let them know that it’s being taken care of. Don’t make them complain more than once about the same problem.

3. Talk to your tenants

Don’t wait for something to go wrong to reach out to your residents. Know them, talk to them, care about them. Reach out to them year round, not just at lease renewal time. Send out a survey to see what you can do better as a property manager. The only way you can find out what’s important to them is to understand and get feedback.

While renters move for many reasons, some of them are out of your control, however you can impact resident retention by how you treat your tenants. It’s easier and less expensive to keep the residents you have than to acquire new ones. So, if you’re not already, start taking the necessary steps to keep your renters happy and strive to provide the lifestyle that will make them stay.

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