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7 Multifamily Lease Renewal Tips to Retain Your Best Residents

Having a tenant sign a lease agreement isn’t an easy job. That is why when they sign it, all efforts must be made to ensure that the tenants keep renewing the lease for the longest time possible. Sure, there are cases that tenants will only require to rent a space for a short while for various reasons, which makes it impossible to retain every tenant that you get. Still, there are other tenants who plan to stay for long. However, their lease renewal depends on the experience you will give them.

Tenant retention efforts start at the initial signing of the lease agreement, and it should be a continuing endeavor throughout the year until renewal time. Here are 7 tips to help you in your efforts to retain your best tenants for your multifamily apartment building.

1. Be prompt in solving issues

Issues will always crop up in the apartments. Turning a blind eye or deaf ear to the concerns of the residents will only end up frustrating them. As a property owner or manager, you must cultivate the habit of listening to the tenants. Don’t ignore their phone calls or text messages, it is important that you are prompt in answering them. And not just listening, you must acknowledge the concerns and act accordingly. If an issue can’t be handled at the moment, it is paramount that you inform the tenant of the same in the most honest way. Just knowing that you listened could be enough to retain a tenant even if it takes time to fulfill what they want. If it is too much for you to handle, hire a property management to maintain and regulate your issues that might rise up.

2. Keep the environment maintained

At the very least, the modern tenant is looking for a clean, safe and comfortable place to live in. You can be sure that giving them that will make them stay there for a very long time.

Ensure that you are keeping the environment well maintained. Thaw out snow and ice from walkways and parking areas in the winter. Have well-kept lawns and flowerbeds throughout the year. Respond to all maintenance requests inside the houses promptly. It is also good to occasionally carry out some home remodeling works in the apartments, for instance, refurbishing the kitchen counters or storage areas.

You will need a professional if you are to do a clean job here. Hiring a reputable company is your best bet. These kinds of companies are well versed with home remodeling related works to give you the best service.

3. Ask for feedback regularly

Some tenants will be unhappy about their living situation and keep quiet about it. They then drop the bomb when the time comes for agreement renewal. It can be very hard to convince a person otherwise on an issue that has been affecting them for a long time. That is why it is very important to keep tabs on how your tenants are faring in their apartments.

Don’t wait until they come complaining, be intentional in asking for feedback from time to time. This way, you will be able to catch issues on time and rectify them. You will also learn what you are doing well and capitalize on it.

4. Create a sense of community

People are now more conscious than ever to stay in places where they feel a sense of community. If a tenant is able to feel that he or she is living around people who are friends and are willing to help each other out, he or she is most likely to live there for a long time.

Ensure that you are creating situations that encourage interactions between your residents. You can host regular events to bring everyone together. Common areas such as pet care areas also work well in creating a sense of community.

5. Keep tenants informed

Residents appreciate being in the know of everything that is happening in the place they call home. If maintenance is to be carried out, you don’t want to surprise the tenants when the maintenance people are knocking on the door. There are many modes of communication available today. Choose one that works for you to help keep your residents informed.

6. Be consistent with your staff

How well you retain your staff as a property management company tells a lot about you to the residents. If they see five people in a year maintaining the grounds, they can most likely doubt your credibility. It can also make them start questioning the safety of their houses. Ensure that you are putting in the necessary efforts to maintain consistency with your employees.

7. Keep up with their needs

Peoples’ needs to keep changing at a rapid rate. Over the last few months, the need to work from home has emerged significantly, for instance. If you are able to keep up with such needs, you stand a better chance to retain your tenants longer. In this case, including a coworking space in the building can go a long way in not only retaining your residents but attracting new tenants as well.

Conclusion

Renewing lease agreements comes once in a year. If you are not careful, it can be easy to forget about it for a few months. However, this important procedure should never leave your mind throughout the year. You need to always remember that you need those tenants for years to come, and make deliberate efforts to retain them.

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