Retaining tenants must be an important part of your strategy as a rental property owner. We’ve seen rising vacancy rates in the North Atlanta rental market, and that’s a dangerous trend for landlords. One of the best ways to increase your return on investment (ROI) and ensure the stability of your cash flow is to keep your tenants in place. 

A solid tenant retention plan is worth your time and resources. We always recommend an active effort to encourage your residents to renew their lease agreements at the end of the tenancy. 

Avoiding vacancy and turnover is better for your profitability. It may cost you thousands of dollars just to get your property ready for a new tenant after your existing tenant moves out. 

Keep your good tenants. Here are some effective strategies we can share with you today.

North Atlanta Tenant Retention and Rental Increases 

Raising the rent every year when the lease renews is typical, and most Atlanta tenants will expect a higher rent from year to year. But, we don’t recommend an increase that’s going to push your tenants out or give them a reason to look elsewhere for a home. Study the market and make a smart increase that covers your own additional expenses but doesn’t chase away your great tenants.  

When you have great tenants in place who pay rent on time every month, keep the property clean and in good shape, and take care of minor issues around the home themselves, you want to retain those tenants. These are the residents you’re hoping to renew year after year, so implement a small increase that matches inflation and the market rental values. You don’t want to be at the high end of what similar properties are renting for. Keeping a good resident in place is more valuable than a couple of extra dollars in rent every month. 

Tenant Retention and the Importance of Responsive Maintenance 

Responding to maintenance requests is critical, especially when you’re trying to retain your tenants. We like to treat both emergencies and routine requests with a sense of urgency. It’s also important to keep tenants informed throughout the repair process so they know where things stand. If it’s taking a bit longer to get a vendor out, let them know.   

When you respond quickly to maintenance needs, tenants feel like you’re taking them seriously and that you care about their comfort and happiness. 

One of the main reasons that tenants leave rental properties is because repairs were not taken care of in a timely manner. Don’t lose tenants this way; make the repairs quickly. Not only does it retain tenants, it also protects the condition of your investment property. 

Tenants Appreciate Upgrades and Updates 

Incentives will often go a long way when it comes to tenant retention. 

When you make a renewal offer, you can throw in a free carpet cleaning or a fresh coat of paint in the living room if it’s looking faded or dirty. Maybe they’ve requested a new appliance; this is the time to replace it. 

If your tenants make a specific request, consider it carefully. Making the upgrade will likely cost you less than the turnover and vacancy expenses that come with finding a new tenant and preparing the property for a new cycle of marketing and showings.

Provide a Positive Rental Experience in Atlanta

Make it difficult for tenants to move! The best thing you can do to keep good tenants is to provide a pleasant and stress-free rental experience. You can do this in a number of ways:

• Share expectations at move-in. Tenants will always feel like they’re having a good experience if you’re clear about what you need from them. You must be willing to let them know what they’re responsible for, and you have to behave consistently and with fairness. Discuss the lease agreement in detail. Your tenant retention plan actually begins before they’re even your tenants.
• Invest in a good relationship. This starts with communication. Be available, accessible, and responsive. Communicate in ways that your tenants are most comfortable; whether that’s by phone or by text or by email. Make sure you’re an active listener when they come to you with questions or concerns. 
• Check-in once in a while. Tenants shouldn’t hear from you only when something’s wrong like rent is late or the water needs to be shut off for repairs. Ask how they’re doing and if there’s anything they need.
• Provide thoughtful cards and gifts on birthdays and holidays.
• Share resources tenants may find helpful, such as local school information or new restaurant openings in the area. 

It may be a good idea to conduct a routine survey a couple of times throughout the year to find out what’s going well for your tenants and what they wish to see improved. This will give you some ideas for how to keep those tenants renewing their lease agreements year after year.

Make Renting Easy: Accept Online Rental Payments 

Making life easier is a great way to retain residents. 

Tenants are busy. They want ease and convenience.

One way to provide the convenience they’re looking for and to ensure your rent comes in on time is by providing an online payment platform so your residents can easily and securely pay rent online. We have a whole tech-driven portal that our tenants use, and that’s one of the reasons it’s such a good idea to work with Atlanta property managers. 

While you might find that you don’t have access to the same technology and resources that property managers have, you can still figure out a way to collect digital rental payments. Download an online payment app or work with your mobile banking platform to arrange for money to be easily transferred from their account to yours.  

These are the most important strategies you can implement to ensure your tenants remain with you for at least another lease period. If you’d like to talk further about tenant retention or anything pertaining to North Atlanta property management, please contact us at Elite Property Management.