Those in the rental management Denver business spend a lot of time ensuring that tenants follow the rules, from paying rent on time to respecting noise levels and properly maintaining their residence. When you have a loyal, long term tenant that adheres to your buildings regulations what does your Property Management Denver team do to ensure that they are happy and will extend their lease come renewal time?
There are four main causes that tenants cite are deal breakers for renewing their lease. By being cognizant of these frequent reasons and taking action to keep your preferred tenants satisfied, you may just find your retention rates on the rise.
Yearly Rent Increases
Everyone in the rental management Denver business knows that there are times when there is no other option but to increase rental prices. However, if your tenants see an increase each time their lease is up for renewal, it is likely they will begin to look elsewhere. Before you apply a flat rent increase across the board, review your long-term tenants and consider giving them a pass for the year. In the end, it costs more money to find a new tenant for a vacant unit than any rent increase that you would be forfeiting.
Nothing can frustrate tenants more quickly than an excessive noise problem. Renters are notoriously fickle when it comes to tolerable noise levels and the tenants that consider moving are usually not the ones causing the disturbance. While we dislike losing renters due to noise violations, keep in mind that you will likely lose a tenant anyway and one that is not making any noise. Make sure that you address noise complaints promptly and take action to keep your preferred tenants happy.
Dirty hallways, parking lots, and unkempt landscaping can turn off renters. Even worse is sub-par repairs or ignored maintenance requests. Property Management Denver teams need to properly determine the level of urgency in which a repair request should be addressed. Remember that all tenants deserve the same level of care, regardless of what their issue is and always treat every request as being important, because to your tenant it is.
In most states this is illegal and no renter wants to come home to find building employees in their unit or suspect they have been there while they were out. Short of an extreme emergency, it is never acceptable to enter a tenant’s apartment without providing the required notice period.
Is there anything special that your team does to try and keep their preferred tenants renewing their leases? Have you implemented any policies or rewards that have positively impacted your retention rates? Let us know!