One of the most wasteful economic activities for an apartment building is to have a high turnover rate of residents. The need to effectively clean up, market, and convince new people to take up residence takes a lot of effort, time, and even financial resources.

The ideal situation is to have reliable residents who pay their rent on time, are not disruptive, and plan to stay for the long term. But how can property management do this? Here are a few tips to hold onto reliable, ideal renters.

Screen Thoroughly

One of the best ways to ensure that you get reliable renters is to make this a mandate right from the start and screen potential residents. There are now services available to assist in this, but it can be one of the fastest ways to discover, for example, that someone has a consistent history of late rent or not paying at all.

Screening potential residents takes a bit more effort upfront, but when done successfully, it ensures minimal trouble and effort throughout a resident’s time living in the apartment.

Provide Desirable Amenities

The best way to keep apartments filled is to have amenities that people want. For example, it’s the 21st century, and the vast majority of people have extensive digital connections and activities. Offering good Internet access services can often be one way to attract desirable renters, especially for those who may be remote workers.

Whether it is a gym for athletes, better security to reassure seniors, or even outdoor gathering and dining areas for couples, friends, or even family, attractive amenities help to draw in attractive renters.

Respond To Problems Quickly

One of the fastest ways to lose reliable renters is to be unreliable yourself. This is especially true when it comes to crisis management. For example, if a renter complains that there may be a leak in a water pipe for the apartment above that is causing the ceiling to swell with water, a quick response to shutting off the water can prevent the problem from worsening.

However, failing to respond to this may allow the water swelling to grow and grow, eventually bursting the ceiling and causing extensive and expensive damage that needs to be repaired. Had the response been more proactive, this might have been prevented.

Provide Good Customer Service

Good property management is about understanding that apartments are inhabited by people, not revenue generators. When you provide customer service, interacting with your residents in a friendly, respectful manner, this reflects on the entire building.

Similarly, collecting rent and treating residents poorly will often result in people vacating apartments and forcing a building to seek new renters. This becomes harder as time passes if online reviews and other content paint the building with a reputation for treating residents badly. Treat residents well, and they are not just more inclined to stay but often will be far more receptive and cooperative in future interactions, making them even more reliable and valuable as renters.

If you’d like to help better manage your property rental investments, contact Occupancy Solutions and let us help.