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Easy payment options and quick responses to maintenance requests can go a long way in encouraging tenants to stay longer.
How do you minimize tenant turnover? If you want to make real money with rental properties, keeping turnover low is important. Sure, it’s inevitable and occurs even in the best homes, but the less it happens, the better. Here are four ways to keep tenants longer and reduce turnover:
1. Fair rent increases. Raising rent is necessary when the market calls for it. After all, that’s how you make money. A small increase each year is fair, and for good tenants, it might be a little less. With that said, there are times when the market doesn’t justify an increase. For example, between 2024 and 2025, the market may not appreciate enough to raise rent. It’s important to adjust only when needed and not just for the sake of it.
2. Fast maintenance response. There is no reason not to respond quickly to maintenance calls. If a tenant reaches out, the issue should be handled promptly. After all, no one wants to live in a place where their concerns are ignored. If something needs to be fixed—whether it’s electrical, HVAC, or another issue—it should be addressed as soon as possible.
"When tenants feel valued, they are more likely to stay long-term."
Here are some examples: If an air conditioning unit goes out in the summer, a portable AC should be provided while the repair is being made. The same goes for heating in the winter. Taking care of repairs quickly keeps tenants comfortable and reduces the chances of them wanting to leave.
3. Making things easy for tenants. The easier the rental process, the better. Tenants should be able to pay rent through direct deposit easily. Communication should also be clear and responsive. Additionally, the property should be well-maintained before a new tenant moves in so they know it is cared for.
4. Respect and communication. Tenants should be treated with respect. While “tenant” is a common term, they are residents of the property and deserve to be treated as such. A good property management team recognizes that it’s not just about the owners; it’s also about the property management company and the residents working together.
When tenants feel valued, they are more likely to stay long-term. When tenants live in a well-kept home and know you’ll respond quickly when something comes up, they’re much more likely to stick around. The more you focus on these things, the less turnover you will have. If you have any questions or need help in managing a property, feel free to reach out. Give me a call at (210) 802-9959. I’m here to help.
