Tenant retention can help your property succeed. The right multifamily data will help you develop strategies to find and keep good tenants. For example, knowing what your competition offers helps you know what you’re up against. With in-depth multifamily data, you can better understand what renters in your market want. Additionally, access to reliable property management data allows you to keep your current tenants happy and prevent them from moving into your competition’s dwellings. Here are a few strategies to help improve tenant retention rates for your property.
Raise Your Rents According to Your Multifamily Data, but Offer Lease-Renewal Perks for Good Tenants
To stay competitive in your market and continue to increase your bottom line, it’s necessary that you raise your rents annually. Base your rent prices on reliable local multifamily data to ensure that you are not overpricing or underpricing your units. Overpricing can lead to your tenants leaving, while underpricing can negatively affect your profits. Therefore, it’s important to increase your rent prices annually to stay competitive in the multifamily market.
However, to encourage tenant retention, consider offering lease-renewal perks to the tenants you want to stay. For example, offer a reduced rent increase for those who renew for a full year versus those who decide to stay on month-to-month. This can help keep your tenants happy and show them the value of staying on your property. Most tenants are used to yearly rent increases but you can create a huge impact by showing them that staying with you will save them money.
Stay Up to Date on Property Management Data for Your Market
Additionally, you want to ensure that you have access to the market research you need to compete with other multifamily buildings in your area. Multifamily data doesn’t just include information about local rent prices. You can also look at common amenities, construction pipeline reports, property policies, and occupancy rates of your competitors. This information can help you understand what local renters are looking for from a property. This can not only help you attract new tenants, but also keep the ones you currently have.
For example, if several of your competitors offer a free on-premises gym and have higher occupancy rates than you, you might consider adding one to keep renters who might be lured away by this amenity. Another good idea is to conduct exit interviews to understand the exact reasons your tenants decide to leave. This may provide valuable insight into what you can do to improve your tenant retention.
At ApartmentData.com, we offer a reliable and valuable partnership to property owners, property managers, investors, and leasing agents. Whether you need market research to help you stay competitive or leasing agent data to help you find the best tenants for your available units, we can help. Our team contacts every property in our database on a monthly basis to obtain the information you need for success. We provide reliable, accurate, and timely research for your geographical area to help you be more successful. Call us today at (800) 595-8730 to request a demonstration of our services for your property. We are here to serve you.