Best Ways to Improve Tenant Retention in Single Family Rental Homes

July 12, 2018

At SMART, we know that the single-family rental market thrives more on renewals than on lease trade-outs. After all, there are costs associated with turnovers and finding a new tenant.

Here are some strategic moves we like to use to keep tenant retention strong, and vacancies minimal.

Offer Incentives

People love perks, so why not offer tenants something special to celebrate a lease renewal? You can offer gift cards….or, perhaps, gift an upgrade to the property. Flooring improvements will also benefit the home’s value! A one-time cleaning, lawn services, fresh wall paint, and new appliances are also the new incentive that make tenants excited to stay on. They also enhance the rental!

For a more personal touch, align incentives with tenant interests. Do your renters have children? Amusement park season passes or movie theater gift cards can be welcomed gifts that help tenants feel appreciated.

Ongoing incentives can be a proactive and equally influential tool. Partner with a variety of nearby businesses to offer regular and significant discounts.

Create a Sense of Community

Yes, even single-family rental homes can foster a sense of community. Developing a strong relationship between tenants and their property management company has the power to make the renewal process quick and effortless.

SMART goes the extra mile to help renters feel at home — and we know that begins and ends with an engagement. Communicate information efficiently and through a tenant’s preferred channels. When a tenant initiates a dialogue, our staff responds in a timely manner to help them feel heard. Quick and meaningful responses are an easy way to build trust.

Having trouble keeping your rentals full? We have the tools and know-how to create an outstanding living experience in Las Vegas — and help you retain more tenants.