5 Proven Tenant Retention Strategies

Reducing tenant turnover is an essential aspect of hitting your annual rental income objectives. Even if you’re raising the rent a bit, vacancy and turnover costs often cost more than retaining your existing tenant. The tenant retention strategies below are proven to keep tenants happy and increase their odds of staying. 

#1 Offer Resident Amenities and Incentives

A growing trend is to partner with a Resident Benefits Package (RBP) provider to offer move-in concierge services. This often includes scheduling movers, setting up utilities, and forwarding mail. Even without an RBP provider, you can offer a range of amenities and incentives. 

Little things can make all the difference, including: 

• Provide internet and other utilities with your rent.
• Install security cameras to the home’s exterior. 
• Periodically upgrade appliances and landscaping.
• Offer to repaint the interior every 3 to 5 years. 
• Schedule quarterly delivery of HVAC air filters. 
• Include prescheduled spring lawn cleanup in your rent.
• Give the tenant a gift card every time they renew their lease.
• Offer a free month of rent every 2 or 3 years. 

#2 Respond Promptly to Maintenance Requests

Prompt and professional communication is key to keeping tenants happy. You must also display empathy and understanding. To respond promptly, you need to know who to call. So, be proactive, sourcing essential service providers before they’re required. 

It’s your responsibility to ensure 24/7 response and rapid scheduling of repairs for heating, plumbing, electrical systems, and other “safe and habitable” property standards you must comply with under Austin Landlord-Tenant Laws. 

In addition to as-needed and emergency requests, stay up to date with preventative maintenance, including:

• Proactive pest control
• HVAC inspections
• Appliance maintenance
• Roofing inspection and repair
• Insulation inspections
• Property-specific upgrades

#3 Ask Tenants For Feedback

Proactive communication is one of the most effective tenant retention strategies. It lets you know what’s not working for your tenants, so you can consider meeting current tenant needs. If you have an online portal, you can automate quarterly check-ins. At the very least, check in about 1 month after tenants move in and 3 months before their lease expires. 

If a tenant moves out, ask them to complete a tenant feedback and exit survey. Some tenants are moving for reasons beyond your control, but you might find an area you can improve as a landlord. 

#4 Be Flexible

As feedback comes in, consider how you can respond. Sometimes it’s worth making tenant-specific leasing amendments that improve satisfaction to keep a quality tenant. 

For example, if a tenant you’ve had for 3 years is moving because you don’t accept pets, consider if it’s worth losing the tenant. Or maybe your tenant wants to paint the walls, so say yes. 

#5 Hire a Property Manager to Decrease Tenant Turnover

Even if you only own a single investment property, keeping your tenants happy is easier with a property manager. The team at Stetson Management seamlessly implements the tenant retention strategies you want to prioritize, and more!

We complete tenant screening, advise on initial rent and rental rate increases, process maintenance requests, and manage 100% of tenant communication. Our services pay for themselves in time, stress, and optimizing your returns. 

Reach out today to discuss tailored tenant retention strategies for your Austin property!