Retaining good tenants needs to be a priority. It’s good for your property and your bottom line. Vacancy costs are expensive and when your Philadelphia rental property is unoccupied, you’re also stuck paying for things like utilities, maintenance, cleaning, and marketing. Finding a new renter is also an expense. You have to market and show the property, which takes time as well as money.
The best way to avoid vacancy is by keeping the tenants you currently have in place. Low turnover will usually indicate a great investment performance.
If you’d like to do a better job of retaining tenants, consider these helpful tips.
Look for Long-Term Tenants When Screening
Tenant retention can actually begin during the screening process. You’re looking for a long-term renter who will not only fulfill the lease term but renew the lease when it’s time.
Your tenant screening process should be about more than credit reports and income verifications. Check for evictions, too. Make sure you’re closely reviewing the applicant’s rental history. Do they have a history of moving every year, or are they more stable, staying in place for several years at a time? If you invest more time upfront finding the right tenants for your rental property, you won’t have to invest nearly as much time and money to fill vacancies when tenants decide to leave.
Provide a Positive Rental Experience
Good landlords have an easier time retaining tenants than landlords who are non-responsive or difficult. Make sure you’re communicating with your tenants and helpful.
Well-maintained properties will retain good tenants, so it’s important to respond to routine repair requests quickly. If you’re slow to respond, your tenants are likely to leave at the end of the lease term. Make maintenance a priority, and respond to repair needs with a sense of urgency and respect for your tenant’s requests.
Making routine and regular improvements will also help you keep tenants. Good renters want to live in a home that’s attractive and comfortable. Replace out-of-date appliances, make sure the walls have fresh paint, and install floors that are easy to maintain and clean.
Both repairs and regular improvements will reduce tenant turnover and even increase the amount you are able to charge in rent. When your residents get a sense that you’re willing to improve the property and make it better for them, they’ll want to stay.
Rental Increases Must Match the Market
Rental increases are normal and expected. But, you don’t want to chase away a great tenant with an unreasonable rental increase that’s higher than what the Philadelphia rental market demands. Take a look at what similar properties are renting for, just like you did when you established the rental value initially.
Remember to consider the current economic climate as well and be attentive to the needs and the limits of your tenants. The COVID pandemic is a good example of why a rental increase might be best put on hold if it means keeping a good tenant.
We can tell you more about tenant retention and anything pertaining to Philadelphia property management. Contact us at TCS Management.
TCS Management is a full service property management company headquartered in Philadelphia, Pennsylvania, also serving Cherry Hill, NJ, Wilmington, Delaware and the surrounding areas. We focus on single-family and multifamily residential property management of homes, condos, townhomes, and apartment buildings.
