Tenant turnover refers to the timeframe during which your current tenants leave, vacating your property until new ones arrive. The US is experiencing a quite high tenant or apartment turnover rate. In 2019 alone, 17% of Americans vacated their apartments due to housing issues. This stat raises concerns among property owners in cities like Seattle about how to reduce the tenant turnover rate.
But there's nothing to worry about! This article is your ultimate guide to reducing tenant turnover and building long-term relationships with renters. Let's begin!
Tips to Reduce Tenant Turnover
The major reasons behind increasing apartment turnover are property maintenance issues and poor communication. In addition, increasing rents due to the high inflation rate in Seattle, which averages 3.36% per year (1914 to 2024), are another reason behind vacant apartments.
Here are the tips that help you in reducing tenant turnover:
Do Proper Tenants Screening
To ensure a low apartment turnover, you should give your property to responsible people who respect their commitments. Proper tenant screenings play a great role in this, as they help you find the best fit for your apartment, leading to long-term tenancies.
Some things you should do to screen tenants are:
- Conduct thorough background and credit checks.
- Verify their employment, such as what the renters do and if they are employed in Seattle or other cities.
- Check their rental history.
- Take in-person interviews to get an idea about their personality.
Focus on Property Maintenance
Many people leave a property due to lack of proper maintenance. Unfortunately, that’s true! So, to avoid a high tenant turnover, the owner must respond to the renter's requests and invest in regular upkeep and repairs quickly.
For instance, you should pay attention to property wear and tear and carry out routine inspections and maintenance of the building structure as well as all electrical wiring. This allows you to identify and fix any underlying issue before it becomes serious, keeping the tenants safe.
Revise Your Policies Regularly
Old and strict policies can make the tenants feel restricted, leading to a high turnover. Therefore, you need to reevaluate your policies with time and see what other owners are offering in their agreements.
Revise your pet and insurance policies, maintenance terms, lease agreements, and amenities offered. You may not believe this, but allowing relaxation in something as little as pet policies can lead to high tenant renewals.
Be Considerate When Increasing Rents
A little affection and consideration can go a long way! So, instead of making a significant increase in rent that can push potential renters away, you should consider the current financial condition of your tenants and opt for a gradual rent raise.
In addition, you must clearly mention your rent increase policy and openly communicate the reason for the increase with the renters. It's also advisable to give them prior notice yourself or via property managers so they can adjust their budget accordingly.
Conclusion
Tenant turnover can be time-consuming and financially draining for property owners. Therefore, you should follow a few tips that will help you improve your tenant retention rate. These include focusing on property maintenance, screening prospects, being flexible in policies, and gradually increasing rent.
However, if keeping up with all these tips feels overwhelming, you can contact the Home Team. With years of experience in property management, we take the hassle out of maintaining and renting a property, leading to happy owners and satisfied tenants!
