Improving tenant renewals and maintaining tenant satisfaction requires you to play smart on all fronts, including rent, security, maintenance, amenities, and so on. Success of any property owner lies in how well they combine these factors in an apartment community.
1. Modernizing Amenities and Facilities
While modernizing the amenities and facilities of your units can be a hefty investment, it delivers incredible short- and long-term value to tenants. This might involve digitization of processes like payments, filing service requests, communication, etc. to make life easier for tenants. These processes can be combined in an efficient, online portal. Similarly, you can invest in high-tech security solutions, considering the fact that security is a huge concern for tenants these days. High-quality smart locks or cameras, for instance, will make your tenants feel safer in your apartments.
Modernizing could even be as simple as installing a newer, larger fridge or upgrading the stove to stainless steel. You may also consider adding other appliances that provide immense value to clients such as a washer and dryer combo.
2. Efficient Property Maintenance
No matter how many incentives you give to tenants, if you aren’t responsive to their maintenance requirements, they won’t likely renew their tenancy agreement. This is because a clean and functional apartment is the basic need for residents. Nothing makes a tenant start looking for a new apartment community faster than when regular upkeep takes a hit.
At the other end of the spectrum, efficiently addressing their service requests is an easy way to retain them. Yet, it won’t give you an edge over other landlords or property management companies, so we recommend going the extra mile by creating a feedback loop to ask tenants if they’re facing any issues or any changes they’d like to see in the apartment community.
3. Cultivate a Community
While many landlords and property managers recognize the need to create a sense of community for residents, few are aware of how to achieve that. It can be as simple as keeping tenants up to date on every improvement, opportunity, or event that occurs using regular text messaging or group emails. You may even use appropriate digital signage at high-traffic spots of your multi-family apartment community to keep everyone informed about the updates as they happen.
Staying in touch with tenants in a thoughtful, personalized manner should make them feel valued. Whether you take the time to leave office and chat or simply leave a handwritten note, residents will appreciate your effort and stay in your apartment longer than otherwise.
4. Reasonable Increases in Rent
Rent increase is among the biggest concerns for renters. There’s absolutely no way to ensure tenant satisfaction and attain tenant renewals if you’re overcharging the residents. An easy way to calculate a reasonable increase in rent is to base it on inflation rate, while also taking into account the rental rates in the local real estate market. Also, be sure to take into account the regulation associated with charging rent in your region.
Multi-Family Real Estate In New York and Florida
By following the aforementioned tips, you can easily maintain tenant satisfaction and ensure tenant renewals. Other than that, if you’re looking for an efficient property management firm to take care of your residential real estate, reach out to Milbrook Properties today!