Keep Summer Tenant Turnover Low With These Property Management Tips

The summer signals a time when leases expire and renters move, which means property managers are busy inspecting apartments, filling vacancies and performing a number of other tasks. To reduce tenant turnover, try following these five tips. By satisfying tenants and encouraging renewals, you’ll even reduce your own workload.

Introduce the Idea of Renewing Early and Often

Asking your tenant to renew the day he or she gives you a Notice to Vacate is setting yourself up for failure. Ideally, you should introduce the idea of renewing to a tenant at least three months before his or her lease expires. Also, if a tenant declines to renew, this gives you time to prepare to fill the vacancy once it becomes available.

Offer to Allow Tenants to Sublet During the Summer

In an effort to increase your tenant-retention rate, perhaps you might consider making it easier for renters to sublet their apartments for a set period of time. Having an extra option always something a tenant might not need but always wants.

Offer Even More Incentives to Loyal Tenants Who Renew

Whether it’s a free month of rent after resigning or a perk like free Wi-Fi, tenants love receiving extras without having to do anything – well – extra. After introducing the idea of renewing, ask the tenant what kind of perks he or she would love to have. You have to set a limit, but there’s nothing wrong with appeasing a good tenant.

Improve the Unit

Hot and humid summers in Florida result in costly monthly utility bills for tenants. To help them lower their bills, improve the unit with energy-efficient upgrades.

Improve the Property

To keep people happy, your apartment community needs to be clean, have accessible amenities and look aesthetically pleasing. Investing into your property, such as upgrading the gym or improving the landscape, can make a big difference.

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Rentworks, LLC

3300 Henderson Blvd
Suite 103
Tampa, FL 33609
PH: 813-693-2479
E-Mail: [email protected]