A strong tenant-landlord relationship isn’t something to be taken lightly and can often result in keeping tenants longer. You don’t ever want to lose tenants, especially not your good ones. Having a vacant apartment is expensive for you and not worth the headache so here are some tips for increasing tenant retention.
Make it Beneficial
If you know you have some good tenants that could potentially move elsewhere, give them something to stay. You don’t have to bribe your tenants, but you can give them a token to show them that they are appreciated. This could include a gift certificate to a local coffee shop or an offer to upgrade something in the unit.
If you know that your tenant’s lease is ending soon, approach them early about re-signing their lease. If for some reason they decide not to re-sign the lease, you will now have enough time to advertise the vacancy and find people for when they move out.
Stay on top of things
You should stay proactive in your communications with tenants to make sure that everything is well maintained. If something needs fixing, you want your tenants to come to you immediately instead of choosing to rent elsewhere. Being prompt with maintenance requests will help to build a strong relationship with your tenants.
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