Whether you're a seasoned rental property owner or an accidental landlord, you won't succeed without updating your approach to tenant retention. Year after year, tenant laws and preferences change, and property investors need to adapt alongside them.
As turnkey property managers, we stay up to date with the latest trends in rental real estate. Today, we're here to talk about the top tenant retention programs we're employing and why they're increasing tenant satisfaction.
Read on to learn how this top Columbia property management company retains tenants.
Prioritizing Legal Compliance
First and foremost, make sure you're not violating any tenant rights. You have a responsibility to uphold:
- Federal rental regulations
- State tenant rights
- Local laws
For example, South Carolina has an extensive Residential Landlord and Tenant Act. One of the many landlord responsibilities outlined in this act is the responsibility to maintain the premises. Failing to uphold tenant rights not only exposes you to liabilities but also pushes tenants to find somewhere else to live.
Evaluating Rental Prices
Some landlords take the approach of raising rent each time their lease turns over. However, this isn't always the best way to build your income. Your rental price should reflect:
- Current market trends
- How much your competitors are charging
- The condition of your property
For example, if you property needs extensive repairs, renters are unlikely to renew their lease at an increased rate. Maintaining or even reducing your rental price may be necessary to incentivize renters to stay.
Building Strong Tenant Relationships
Tenants are more likely to stay where they are if they have a good relationship with their landlord. To improve tenant relationships, focus on things like:
- Responding to maintenance requests faster
- Communicating about upcoming disruptions (e.g., property inspections)
- Giving tenants more freedom (i.e., allowing them to hang things on the walls)
The goal is to create more trust with your tenants. They should be able to trust that you'll take care of their rental and allow them to make the unit their home.
Adapting to What Tenants Want
When you're making improvements to your property or updating your lease, pay attention to current tenant priorities. For example, Multifamily Dive reports that finding a pet-friendly rental is the number one priority for renters today.
By making adjustments that other landlords aren't making (such as allowing pets), you tap into a pool of renters who have limited options. They're more likely to resign the lease when finding a comparable rental property isn't easy.
Improve Tenant Retention Programs with PMI Palmetto
Securing lease renewals is the best way to increase your rental income while reducing your marketing and onboarding expenses. To encourage tenants to stay, you need to take a refreshed approach to your tenant retention programs. PMI Palmetto is here to help.
The co-owners of PMI Palmetto have been working in real estate since 1996. They built an entire property management team starting with a single property, proving to South Carolina investors that they had the skills needed to maximize profits. Contact us for proven property management methods.
