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Tenant Retention Strategies
For a landlord, determining how to keep tenants longer can be much like nailing jello to the wall. After all, apartment-renters are by nature a transient population. In many cases, that's why they're renting and not buying. They want flexibility, the ability to move or buy when the time is right. From the landlord's perspective, it's obviously better to have all units occupied all the time. Vacancies mean lost income while frequent tenant turnover can mean big expenses for repairs and re-painting. And a new tenant, when you get one, is not a sure bet in terms of timely payments or respect for the property. So how do individual landlords and management companies improve tenant retention? It's not easy, especially in markets where there are more units than demand. Pricing Given comparable units, it's sometimes best to price rents somewhat below the market, say $25 a month. At first this may seem like an annual loss of $300, but if it means renting sooner or fewer vacancies, such lost income is really a marketing cost well spent. Incentives Structure the lease so that the last month is free or half-price. The attraction of this benefit is that it only kicks-in when ... more

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