What are some good ways to prevent unit turnovers?

Question

One thing I learned is turning over units can be very costly. A quick way to keep expenses low is to have tenants stay in the unit rather than move out when their lease is up. What are some ways to prevent tenants leaving after their lease is up?

Amara Berg · Answer

Tenants stay longer when they have a sense of belonging. The number one reason tenants move out is not handling maintenance requests.- Put in place property managers and incentivize them based on returns and turnover. -Try doing community events (Think holiday events)-Handle Maintenance requests quickly and swiftly (Have a process in place)-If Possible offer additional amenities (Washer/Dryer or toilet upgrade in units may seem costly but can reduce overall costs by driving water costs down)

Eric Gerakos · Answer

If you buy your properties in desirable areas vs crappy "affordable" areas you will typically have less turnover.

Phillip Dwyer · Answer

There are lots of things you can do to help tenants want to stay longer:

1.  Give great professional customer service

2.  Respond to maintenance requests quickly

3.  Have the house dialed in before they moved in

4.  Make it easy for them to pay rent

5.  Make it easy for them to submit a work order

6.  Don't nickel and dime them on everything

Bob S. · Answer

Keep rent fair and take care of all repairs.

Bruna Correa · Answer

I am curious to others have to say, but I also heard that charging slightly under market value could be an incentive to make tenants want to stay.

Bill B. · Answer

Avoid small properties (less than 3/2) or multi family. My average tenant is currently 5-8 years in Vegas, a market many might suggest would have a lot of turnover. I chose exclusively 3/2 - 5/3 SFR.

What are some good ways to prevent unit turnovers?

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