How to Retain Renters and Reduce Turnover

How to Retain Renters and Reduce Turnover

It’s not easy to retain tenants in this highly competitive market. Most tenants are perfectly willing to change homes if they aren’t satisfied with the service provided or if they simply want a change. Most project management experts will say that good customer service, the right rent rates, and responsive managers are the best ways to retain tenants and they are.

However, expert property managers at Nova Eagle suggest you can approach this issue from a different angle. We suggest building a warm and welcoming community for your tenants.

Why Build a Community?

 Most people find living in apartments and multifamily properties to be an incredibly lonesome experience. Often tenants don’t even know the name or profession of their neighbors. Because of this, tenants aren’t attached to the property and are willing to leave it whenever it strikes their fancy.

When you build and nurture a community within your rental property, you create an emotional tie. Tenants build friendships with their neighbors, they have lively community events and parties to attend, and are surrounded by people they know and trust. This is powerful motivation to stay.

How can You Build a Community?

 Most property managers believe that building a community is up to the tenants. They like to take a hands-off approach. While that is professional and useful, it can hinder the community-building process. Fortunately, you can be hands-off and still encourage your tenants to interact with one another. All you need to do is nudge them in the right direction. Consider the suggestions listed below:

  • Organize a welcome party for every new tenant– This would help break the ice between new and old tenants. This first step encourages tenants to interact with each other. After all, people like to talk and socialize at parties and get-togethers.
  • Have a community chat room or forum- A community chat room or forum is a great way to encourage good relationships between tenants. It’s also a great way to understand tenant requirements and problems. For example, tenants might post complaints about a noisy neighbor or suspicious activities on forums even if they’re reluctant to complain directly. That would help you resolve the problem before it grows out of control
  • Have events and meetings- These can be a platform for people to come together and interact with one another.

Tenants who feel they’re part of a community are reluctant to move on. This reduces turnover like nothing else and makes your property appealing to future renters.

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