4 Renter-Retaining Landlord Policies

The northwest rental market is booming and all of the landlords know it. The critical task of retaining renters has risen to the top of the property manager’s list of priorities.

Stop for a moment, and take a step back. Put yourself in your renter’s shoes and look at your rental home or apartment complex through the eyes of your tenants. If you were them, what would you see?

By way of raising your credibility, building renter loyalty, and reducing negative reviews, consider the following renter-retaining policies.

 

Disclose all Rules and Regulations Up Front

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Renters become miffed and frustrated when rules and regulations start to creep out of the woodwork months after the lease has been signed. The tenant’s trust is broken, their animosity festers, and negative comments begin to appear on review sites, all ramifications that your reputation as a landlord simply cannot afford.

Suffice it to say, be sure to explain all of the rules, regulations, and policies before the potential resident signs the lease. To avoid any confusion down the road, consider putting those policies in writing and including them in the tenant’s lease packet.

Respond to Contacts within 24 Hours

For apartment complexes and rental homes alike, quick responses to client questions, complaints, and requests are crucial. Diligence in this area will build a sense of loyalty, an essential element to retaining renters. Not only that, but speedy attention often leads to loads of positive client reviews.

 

Make Property Maintenance a Priority

As a landlord, your renters will stick with you if they’re proud of where they live. If maintenance is neglected and the property or apartment complex is dirty, unkempt, overgrown, and full of weeds, you are effectively providing your renters a good reason to leave.

 

Offer Perks and Incentives

According to a study published last month, the most appreciated and preferred incentives for apartment tenants are: a discount in rent, gym memberships, and covered parking. For a rental home, a landlord can offer: a discount in rent, landscaping additions, or upgraded home appliances. According to renters, the most preferred times to offer these incentives are: when the lease is initially signed, and when the lease is about to end.

Use these renter-friendly policies to retain your tenants. Not only will your renters feel well taken care of, but you will also bolster your reputation as a great landlord..

Contact North Pacific Property Management with any questions regarding property management. We hope to hear from you!