In a competitive rental market like Arcadia, minimizing tenant turnover can be a challenge as tenants have a lot of rental options to choose from. Finding and retaining tenants becomes a problem when landlords do not screen them properly enough or fail to meet the renters’ expectations from the unit. Therefore, it is important for landlords to understand the reasons behind high tenant turnover and eliminate them, to ensure consistent cash flow for their Arcadia property.
Born out of our experience, here are a few tips that can help you minimize high tenant turnover.
Screen Tenants Properly
The first and most proactive step to prevent high tenant turnover is to screen your tenants carefully. Check their references from their previous landlords, their credit score, eviction records, and criminal history to avoid selecting unreliable tenants. Shortlist and choose those who are likely to stay longer, to reduce the risk of high vacancies.
Charge Reasonable Rent for Your Arcadia Rental
Avoid overcharging or undercharging from your tenants and determine an amount that is reasonable for both the parties and is market-consistent. You need not increase rent every year unless the vacancy rate is extremely high. Consider analyzing the local market and the amenities you provide while increasing rent.
Ensure Timely Maintenance of the Arcadia Property
Timely maintenance is the key to retaining your tenants for a long time. Carrying out prompt repairs, responding quickly to maintenance requests, and inspecting the property regularly can help you improve the habitability of space and help you rent it out faster. If your property is in an HOA, you can file maintenance complaints on behalf of the tenants and ensure that the problems are resolved as early as possible.
Build A Healthy Landlord-Tenant Relationship
Renters appreciate landlords who are professional, communicative, have clearly defined expectations, and listen to their issues. Building a great rapport with your Arcadia tenants can motivate them to extend their leases and hence, minimize tenant turnover.
Offer Incentives to Tenants
The best way to keep your tenants happy is to offer incentives. If your tenants are ready to sign a two-year lease agreement, you can give them some discount on monthly rent. If they are moving in immediately, offer them incentives such as free spa coupons, or a parking space for the initial month. These small gestures create a bond of goodwill right from the outset.
To retain the existing renters, consider providing additional utilities, home essentials, separate car parking, and other services. Upgrade or replace appliances with new ones to make the stay comfortable. Renovate the house to make the property pleasant and homey.
As a landlord, you should try to strike a fine balance between strictness and leniency. Know when to not bend the rules and when to empathize. Be considerate if your tenants need some more time at the end of the lease, so they can find their next rental or if they need extra days to pay rent. Try to understand their problems and consider their requests if they are genuine. Being unnecessarily harsh can increase tenant turnover and also damage your reputation as a landlord in the neighborhood.
Tenant turnover is a nightmare but can be reduced with the right strategies.
ZenPro Property Management is a full-service property management company, serving San Gabriel Valley, Los Angeles County, and Orange County. Our experience and expertise help you find good, qualified renters who can stay longer, pay well, and behave responsibly.
Contact us at ZenPro Property Management for more information.