In 2021, the overall rental retention rate was a mere 57.2%. Property owners make their profit, by not only bringing in new tenants but by keeping their current tenants satisfied year after year.
There are many ways for landlords and property managers to combat vacancy rates. Keep reading to learn more about different tactics to reduce vacancy rates at your properties.
Offer Unique Amenities
Every apartment building has a collection of amenities that make it the best value for rent. In-unit amenities are crucial because they may improve your quality of life and help you save time and money. However, not all in-unit amenities are equally valuable and practical.
In-unit appliances can make or break the tenant experience. In-unit appliances like dishwashers and washing machines can be a selling point that helps you retain tenants.
You can also retain tenants by offering furnished and unfurnished units. Furnished apartments are significantly more expensive and can be perceived as a hassle if you are interested in purchasing furniture.
Pick Competitive Rental Rates
If you see that your renters are not renewing their leases after the first term has ended, you could be asking too much rent or hiking rent prices excessively at that time. Conducting market research can help you make competitive offers to potential tenants. To discover whether you can provide your tenants with a better bargain, research what your rivals are charging.
Provide Incentives for Returning Renters
Many renters leave their units due to an increase in price. You can protect yourself from short-term tenants by allowing tenants to lock in their rates for an extended lease.
Even though you might eventually need to raise the rent, this will let you lock in tenants for a longer time. As a result, you'll have more loyal tenants and fewer tenants who move out in search of a better offer.
Make Timely Repairs and Updates
Infrequent or nonexistent repairs are among the most frequent causes of vacant properties. Tenants rely on their landlords to take care of rental properties and make timely repairs. Make the time and financial commitment required to keep your rental properties in excellent working order.
Tenants feel helpless and inconvenienced It might be stressful to wait for your landlord to make repairs. When communicating with your tenants you need to make comprehensive timetables clear for repairs.
Establish Relationships With Your Tenants
Landlords and property owners can reduce vacancy rates by building relationships with their tenants. Make an effort to make your tenants feel at home by taking the time to get to know them better. This will make your tenants feel heard and cared for.
Reduce Your Property Vacancy Rates
Maintaining existing tenants and raising renewal rates is an objective that needs ongoing attention. Developing a tenant retention plan is essential to succeed as a property owner. Consider using these strategies to keep your tenants happy and reduce your vacancy rates.
Contact us at Kerr Properties Inc. for your property management needs.
