Landlord Incentives to Improve Tenant Retention

It is much easier to retain tenants than it is to find new ones if you follow a few simple rules for maintaining good tenant relations. People do not want to be moving around all the time so if they find a good home and have a good landlord, they will be happy to stay there.

1. Provide competitive amenities

Consider the needs of your tenants and what you can reasonably provide for them. Cover the cost of Wi-Fi and perhaps cable or a satellite dish. Consider other things you have room for – can you provide a gym? A dog run? What other perks might they be interested in that you are able to consider?

When you can offer something that other rental properties do not, their experience is enhanced and they feel like they are getting bonus that they would not get elsewhere. Consider how you will accept rent payments and offer an online payment system for your tenants. This seems to be a much preferred method and it is quick and convenient for both of you.


2. Offer monetary incentives

Money talks and if you can offer discounts to tenants now and then, they will be very happy indeed. Consider a discount for tenants who always pay rent on time. People who are prompt with rent and keep the dwelling clean and well-maintained are making your job easier so why not offer a bonus? They will feel valued and appreciated and continue working hard to maintain things.

Sometimes if a lease is up for renewal and you really want to retain your tenant, you could even offer a small rent decrease. Consider what it would cost you to find new tenants. Perhaps offering the current tenants a decrease of $50 a month will even save you both money and time.

3. Respond to tenant issues in a timely manner

If a tenant approaches you with a concern make sure you deal with it as immediately as possible. If repairs are requested you need to get them done immediately if you want to retain tenants. An immediate response to their concerns will ensure that they are kept happy and know that you care about their quality of life in your rental property.

4. Upgrade rental property when you can

A property manager can often convince an owner to make some upgrades in order to compete with other rental properties. New lighting, paint, flooring and other such upgrades can help to keep tenants happy. Also consider outdoor beautification such as flower beds.

Tenants will stay longer if they see that you are being competitive and taking care of small things here and there to improve the property and keep it in good repair.

Building with Vacancy Sings

5. Be friendly, flexible, and understanding

Tenants are your customers and you need to listen to their requests and concerns. Try to be flexible when they make requests that will improve things in their eyes such as a fresh coat of paint or some other personal touch they would like to add to make it feel more like home for them.

Tenants appreciate when they can do little things that will make the place feel more like home. Try to understand their needs and provide what you can for a comfortable living experience.

The Mind of a Renter

Remember that renters consider a few key things before signing a lease agreement. They consider location, price, condition of the property, and you! Location is obviously already established so you need to work on incentives in other areas; make sure the condition of the property is kept up, try and make things a convenient as you can for the renter, and provide great customer service.