A
study just published by Property
Management Insider showed that in the last quarter of 2015 lease renewal
rent for apartments in the U.S. grew 5%, rental retention was 50.4%, and
occupancy was 95.8%.
For
us individual landlords who buy and manage our own properties, what’s going on
at a local level is more important than the big-picture presented in that
report. After all, one street can make all the
difference between buying a cash cow and a dead horse.
Still, it is an encouraging trend.
So what can you do to boost your tenant retention and occupancy
rates?
Run your rentals like a business that has
customers. And if you want to keep good, long-term tenants, be proactive. That
means inspect regularly, respond quickly, and be creative. Look at how to
improve things while they’re still there. Reward early payments, offer extra
services like direct deposit, or tenant insurance. Even a gift certificate to a
local pizza joint can go a long way.
New paint, replacing a nasty-looking washer
and dryer, or even a security system if they pay the monthly monitoring fees
could be a good gesture when it comes time to renew a lease with an increase in
rent.
Would
you like more ideas on buying and managing rental properties? Pick up a copy of
What You Must Know BEFORE Becoming a
Greedy Landlord. It’s available in paperback and Kindle formats at Amazon.
You can also order it from Barnes
& Noble, Booklocker,
iTunes,
and kobo.
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