Unique Resident Retention Ideas

Finding good tenants is the goal of every landlord and property owner. For those in apartment complexes, the goal of keeping high occupancy rates with good tenants can mean using some smart and unique retention ideas. This way the property will keep earning money, the tenants that you have will remain happy, and the outcome is a win/win situation for everyone involved.

Here are some unique ways to increase your retention rates:

Offer incentives through your business relationships.
Develop relationships with other businesses in your community and see if they'd be willing to set up a direct advertising campaign with your residents. Whether it is a free extended trial, a free membership, or just free products, you can provide more value to your residents upon a lease renewal by offering them these local incentives and businesses typically love it because it can create new customers for them.

Refund a resident's security deposit.
There are a number of insurance agencies that provide a policy against damages that may happen in a rental property. Many of these policies only cost about $10 per month per rental unit. Nothing says “I love your business!” more to a resident than a return of a security deposit AND the paying of this insurance policy. They get their money back, the property has insurance against losses, and everybody comes away extremely happy.

Encourage a tenant's union.
There are many bad landlords and property managers out there, masquerading themselves as good business people. One of the ways that you can set yourself apart is to encourage the development of a tenant's union. This will help everyone know what their rights are as tenants, which gives your customers a sense of empowerment. You benefit because tenants that are unionized tend to take care of their homes in a better way.

Offer discounts instead of increases.
Residents sometimes need more of a benefit than the ability not to have to move. A number of rental properties are willing to offer new residents long-term discounts over the next 12 months that can make moving a profitable choice! If you can offer discounts on your rent instead of increases, then you'll be able to compete with all of those new customer specials and retain more residents year after year.

Have good facilities.
The quality of your rental properties will always be your greatest attribute. If you have playgrounds for the kids, workout centers for the professionals who don't have time to hit the gym, swimming pools, hot tubs, or other items that increase your value ratio, you'll be able to charge more rent and retain more residents because people are going to want to live there. Even consider upgrading your property to include WiFi and other free modern amenities for even more value.

Be reachable.
Above all else, resident retention comes from being personable and available for people when they need a little help. Have a solid presence on your properties and quickly respond to concerns that people have. There really is no better way to retain resident occupancy rates than this.
Posted on Aug 29, 2014


The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More

How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More

The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More

The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More

Unpaid Rent

When you talk about the most common disputes arising between landlords and tenants, nonpayment of rent has to be there in the list. People rent their properties to earn money, and when a tenant... More

Section 8 Landlord Pros and Cons

If you have ever rented a living space and have had to move many times, you’d already know how difficult it is to find decent, affordable and secure living premises. A person has to deal with the same... More

Landlord Inspection Checklist: Rights, Letters, and Reports

Landlords across the state have the prime responsibility to make sure they inspect and up keep their property once they have rented it to the tenants. Inspections can occur monthly or yearly depending... More

Landlord Maintenance Costs and Responsibilities

Everyone knows that a landlord’s job is not easy. These folks have specific duties and responsibilities that they must perform in order to be fair. Being a landlord is not a position but it is, in... More

When to Withhold Tenant Security Deposit

Asking for a security deposit is quite common in property dealings. The reason to ask for a security deposit is to have something that would help a property owner recover some of their financial... More

How to Report Bad Tenants

Bad tenants are the worst-case scenario for any landlord; no one wants them, and if someone has them, they want them out in any way possible. There are times when landlords try as much as they can to... More