In the lively city of Memphis, consistently high occupancy rates are crucial for rental property success. Retaining good tenants is key to achieving this goal. As Memphis’ local economy grows and diversifies, property owners face a more transient population, so you’ll need to take steps to convince people to stay put.
To maintain consistent occupancy, effective strategies are needed, such as providing exceptional residential services or building trust with tenants. Read on for seven top-notch tenant retention strategies to help reduce your rental vacancy rate significantly.
1. Maintenance Services
Some effective strategies for tenant retention are quite evident. For example, you must keep the property well-maintained and looking good.
Things will degrade and break at any residential property, regardless of how well tenants care for it. Address maintenance requests promptly to ensure tenant satisfaction.
A big reason people seek new accommodations is feeling their landlord doesn’t take maintenance seriously. To impress tenants and encourage long-term stays, maintain outdoor areas too. While responding to tenant requests is important, being proactive about property maintenance is crucial as well.
Remember, many tenants have never been property owners and may not fully understand when maintenance is needed. Conduct regular inspections to identify potential issues.
However, tenants dislike unexpected landlord visits. Collaborate with them and give ample notice for inspections. When tenants see these inspections as beneficial, they’ll be more receptive and help maintain a better property condition.
2. Security Services
Memphis, with its relatively high crime rate, demands landlords prioritize property security. This is especially true in high-crime neighborhoods.
Tenants seek residential services that offer a safe haven. Property renovations and maintenance mean little if tenants feel unsafe.
Luckily, there are numerous ways to enhance rental security. Invest in sturdy locks and doors, and install high fences or strong gates. A comprehensive security system with surveillance cameras, motion detectors, and alarms can also be considered. For multi-unit buildings, prevent unauthorized access using key fob entry systems or smart locks.
You might also conduct regular security audits to identify potential risks and act on the findings to boost tenant retention.
Security upgrades don’t always need to be pricey; sometimes, additional lighting in exteriors and common areas is enough to deter intruders and creates a sense of safety after dark. So, prioritize security and witness a decrease in rental vacancy.
3. Access to a Fitness Center
Many people want to boost their fitness, but a lack of time often stands in their way. Providing a fitness center close to their residence can be a game changer for those struggling to find the time to exercise.
Access to a fitness center offers incredible convenience, helping tenants live healthy, active lives without spending too much time traveling to the gym. Once it’s part of their daily routine, they’ll be hesitant to give up that convenience.
Including a fitness facility in the rent leads to cost savings. Gym memberships can be pricey, but gym access in their rental is great value for money. It’s a high-value perk that most people wouldn’t want to lose.
Besides cost savings and convenience, a fitness center fosters community. Modern living spaces often lack neighborly connections; a communal gym encourages regular interaction.
This sense of community enhances life satisfaction for residents. They’ll be reluctant to move, severing ties with the community they’ve grown fond of.
4. Gated Parking Services
In Memphis, vehicle theft or vandalism can be worrisome. People depend on cars for work and socializing, so nobody wants their car sidelined by criminals.
For this reason, a gated parking service may be popular with residents. It means the parking area has controlled access, requiring a code or key fob to enter, keeping unauthorized individuals out.
Car theft or damage can be costly in time and money. Besides fixing the issue, one might face personal or professional problems due to the inconvenience.
For instance, an unsympathetic boss could fire you for a no-show, even if caused by vehicle break-ins. Gated parking offers peace of mind, as potential troublemakers can’t reach residents’ vehicles.
Gated parking services not only justify higher rent but also improve tenant retention. After all, why return to risky parking when your car can be securely locked down?
5. An On-Site Management Office
Renting can be frustrating, as you can’t fix property issues yourself. Providing an on-site management office can help to alleviate this frustration. It’s convenient for tenants and promotes better communication between you and the residents.
To maintain your property, preventive maintenance is crucial. An on-site manager ensures issues are noticed and reported promptly. This means an on-site office can help convince renters to stay put while also saving you money in the long run on expensive maintenance costs.
6. Outdoor Recreational Facilities
Memphis boasts splendid weather, so tenants may feel deprived without proper outdoor amenities. They’ll likely appreciate features like barbeque areas, pools, and gardens.
In rental situations, quality outdoor space is scarce. Providing a property with top-notch outdoor facilities can bolster tenant retention.
As an added perk, attractive outdoor spaces enhance curb appeal, a vital aspect in impressing potential tenants.
7. Laundry Facilities
Finally, there’s nothing renters detest more than visiting a laundromat to wash clothes. So, always add a washing machine to the rental property if possible. However, in some smaller apartments, it isn’t always feasible.
For those smaller apartments lacking space for mashing machines, consider having a laundry facility within the building. This not only saves tenants time and energy but also creates a secure environment where they feel safe leaving their clothes without worry.
A Residential Services Company Can Help
Boosting tenant satisfaction and retention takes considerable effort. You must provide value for money, maintain the property, ensure rental security, communicate effectively with tenants, and stay updated on the market.
Providing these residential services can lead to greater satisfaction. If you’re eager to escape the bureaucracy of managing rental accommodations, consider working with Reedy & Company. As a leading property management company in Memphis, we have over 20 years of experience managing Memphis properties.
Ready to enhance tenant retention without compromising on service quality? Contact us today.
