Owners who want to have a profitable rental experience know that they have to attract good tenants to their property. Even more important than attracting them is keeping them in place.

You want your best residents renewing their lease agreements year after year, and we can tell you that the key to high tenant retention is a good tenant relationship.

Prioritizing tenant retention should be a priority because it helps with maintaining a steady income stream, and it also minimizes the extensive costs and stress associated with tenant turnover.

When you have a great resident in place who is paying rent on time, helping you take care of the property, and following the terms of the lease agreement, you want to keep that resident.

As Charlotte property managers, we work hard at retention before the tenant even moves in. Here’s how we do it, and why it’s so important.

Providing Clear Expectations for Residents

To retain tenants, it’s important to share expectations with those residents ahead of the move-in date. Ideally, you’ll discuss the lease in detail, and that kind of communication and transparency will establish a positive and professional relationship that’s built on good communication and trust. Talk about what you expect in terms of rental payments, maintenance, and rules.

When your residents understand their responsibilities and the requirements set forth in the lease agreement, they’re more likely to perform as expected and less likely to shy away from asking questions or reporting concerns. This is an important part of retaining those Charlotte tenants.

If residents understand what you expect from them, there’s less confusion and little conflict. They’ll renew their lease agreement because you’re easy to work with and willing to provide a consistent rental experience.

Responsive Maintenance Leads to High Tenant Retention in Charlotte

Tenant retention depends on good maintenance. In fact, data has told us time and time again that those tenants who leave a rental property report that they did so because their repair requests were ignored or maintenance was not a priority.

You cannot effectively retain your best residents without responding right away to even minor maintenance requests. Set up a system where you’re able to collect requests, respond to them, and then follow up to ensure they were taken care of to your resident’s satisfaction. This is what customer service is all about, and it will drive up your retention rates.

As Charlotte property managers, we take care of even minor problems with a sense of urgency. We have found that when we’re quick to respond to the needs and concerns of our tenants, they will trust and appreciate us and they’ll have no good reason to leave at the end of the lease term.

Increasing Tenant Satisfaction for Better Outcomes

Satisfied residents are more likely to renew their lease, which is why it’s important to create a positive rental experience for your residents. This can be achieved by regularly maintaining the property, responding promptly to maintenance requests, and providing amenity upgrades such as smart home technology, hard surface flooring, and fresh paint.

What else will make tenants want to stay? Conveniences such as:

Online rental payments. Don’t make your tenants write out a check every month. You want to provide a way for tenants to pay rent that’s easy and secure.
Pet-friendly policies. More than half of the tenants in the Charlotte area have at least one pet. You don’t want to eliminate them from your potential tenant pool. Studies have also shown that tenant retention is higher when you allow pets.
Updated security. Video doorbells are more popular than ever, so consider installing one at lease renewal time.
Renewal incentives. If your tenants have requested a new appliance or a professional carpet cleaning, be willing to provide what they want. This will nudge them towards renewing their lease.

Investing in resident satisfaction and better resident experiences will increase satisfaction and retention.

Consider Your Rental Increases

Raising the rent every year when the lease renews is typical, and most Charlotte 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.

Charlotte Property Management Impacts Tenant Retention

We are always talking about the benefits of working with a Charlotte property manager. One of the ways we believe it benefits you the most is our ability to retain residents. We can help you reduce turnover and keep your best residents in place, contributing to higher earnings.

Property managers have technology, resources, and customer service skills that naturally lead to better tenant experiences. We can provide high-quality maintenance thanks to our excellent relationships with vendors and contractors.

When you work with a Charlotte property management expert, you can expect that all of your tenants’ needs are being met, but not at the expense of tenant accountability. We enforce the lease. We collect rent on time. We solve problems and diffuse disputes.

Prioritizing tenant retention will increase your earnings and reduce the frustration of finding a new tenant every year. We can help you make this a part of the way you manage your rental property. Please contact us at Wess Cason Realty. We provide real estate and property management services in Charlotte and the surrounding areas in Mecklenburg, Union, and Cabarrus County.