High tenant turnover costs more money than most rental property owners realize. Not only are you losing rental income during that vacancy period, you’re also paying for a lot of expenses that you wouldn’t have to worry about if your tenant was staying in place and renewing their lease agreement. There’s the cost of maintenance, repairs, and wear and tear. There’s the cost of keeping utilities on and marketing the home to find a new tenant. You’ll have to worry about the security of your empty home and its cleanliness and curb appeal.
It’s much better to keep your Orlando rental property occupied with the tenants who are in it.
Here are five ways you can minimize the risk of high tenant turnover.
1. Share Your Expectations Early and Often
A good relationship is essential to tenant retention. You don’t want to become overly friendly with your residents, but you do want to establish yourself as a trusted and reliable resource. This requires good communication.
Start with expectations. Tenants will respond better to landlords who are clear about expectations and requirements. Talk about these things at the beginning of the tenancy, when you’re signing the lease agreement, and reinforce them throughout the year, when you’re inspecting or responding to maintenance issues or just checking in to see if there’s anything they need. Be direct and transparent so everyone is on the same page.
2. Respond to Requested Maintenance and Repairs
It’s probably pretty obvious, but one of the main reasons tenants leave the properties they’re renting is a lack of response to needed maintenance. No one wants to live in a deteriorating home. When a repair is reported, get in touch with tenants right away. Address the issue, and if it’s going to take some time, let them know why.
Don’t lose great tenants because you can’t keep up with maintenance. If you’re struggling to find vendors or organize repairs, work with an Orlando property management company that has the resources to handle emergency and routine repairs.
3. Screen for Long Term Orlando Tenants
Retaining good tenants begins with the screening process.
Be wary of tenants who seem to bounce from place to place every year. If an application comes in from someone who rarely makes it through a full lease term, you might want to reject it. Tenants with a longer rental history will make better and more reliable renters.
Check those landlord references. Find out how the tenants performed in the past and whether they provided proper notice before moving out.
4. Provide Ease and Convenience
Tenants appreciate paying rent online, communicating via text and email, and making repair requests electronically. To avoid turnovers, make sure you have the capacity to provide the technology that today’s tenants expect.
Allowing pets is another great way to retain tenants. More than half the tenants in Orlando have at least one pet. If you allow renters to move in with their furry friends, they’re likely to stay longer because they won’t want to find another pet-friendly property after a year and pay another pet fee.
5. Make Sure your Rental Increases are Market-Driven
Most tenants expect a rental increase at lease renewal time. You want it to be reasonable, however, because good tenants know the market and they know they have options. Research what current rental values are in your area, and provide some documentation to justify the new rent when it’s time to talk about whether they’ll be renewing.
These are five ways to cut down on tenant turnover. Working with an Orlando property management company can also help you hang onto great tenants, and we’d be happy to talk to you more about that. Contact us at Park Avenue Property Management.