More tenants, fewer vacancies – that is THE dream for every rental property owner.
There is nothing better than seeing all the units filled with happy and contented tenants. Satisfied clients automatically equate to better income for the landlord, which is the end goal. While some apartment owners are living the dream, others wait for it to become a reality. Rather than see an increase in tenants, it seems as if there are more rooms than there are tenants.
How can they keep their tenants in the long run?
If you have the same concern, worry no more.
For many of Chicago’s rental property managers, improving tenant retention requires the help of the following management strategies:
Helpful and Competitive Amenities
Tenants appreciate thank you gifts, especially if these are helpful. If you are willing to go the extra mile, offering amenities (e.g., new floorings or appliances) will win prolonged tenant loyalties. Be generous with tenants by offering free grocery deliveries or gym memberships – anything that will enhance their living experience.
Quality of life bonuses are the keys to your tenants’ hearts. It shows that their needs are your first priorities, which convinces tenants to stay longer.
Everyone’s a big fan of discounts, including your tenants.
Rewarding tenants with monetary incentives is a sure-fire way to keep them. Naturally, money is a sensitive issue, especially if the property requires some upgrades. But these discounts need not be for everyone. Tenants who always pay their rent on time and are home inspection rockstars have earned their keep.
Apart from outstanding tenants, those who have been with you for years also deserve a monetary incentive.
Complete your goal of 100% tenant satisfaction by ensuring outstanding maintenance, repairs, and home projects.
Some tenants want to add unique touches to their units by painting the walls or adding an extra cabinet. Offer helpful services, such as enhancing and landscaping services, for tenants in need of a personal upgrade. When someone needs something repaired, get to it right away.
Tenant relationships can be complicated, but when you satisfy them with rewards, you will be seeing more of these tenants in the long run.