The nature of renting is often transient, however a lower tenant turnover will mean lower costs. Retaining a current tenant is much less expensive than advertising, approving, and moving a new tenant in.
It can also reduce the amount of money spent on cleanup and other superficial wear and tear maintenance.
So how do you encourage your tenants to put down roots in your space?
- Provide new tenants with a list of local sports clubs, houses of worship, coffee chops, dry cleaners, and grocery store to familiarize them with the area
- Subsidize a gym or other local club membership for your tenant
- Make your property a place where you would want to live yourself
- maintain the look and quality of the property, as many tenants that do become dissatisfied with their rental home cite issues such as “the property went downhill” for their reasons to relocate
- Contact consistency. Tenants can become attached to the routine they have with their property manager or personnel.