A whopping 36% of Americans are renting their homes rather than buying them.
One of the characteristics of renting is that people don't stay in the same place for very long. As their circumstances change, they tend to a new place every few years.
This can be frustrating for landlords who have to redo the tenant search every time this happens. It takes a lot of time and energy to find good tenants, so it's best to reduce tenant turnover when possible.
If you're managing Charlotte rental properties, keep reading to learn how to reduce your tenant turnover.
Hire Property Managers
Property managers are the easiest option for managing your rental properties in Charlotte. They're able to make sure any maintenance work is done regularly, and other day-to-day problems are solved before they become problems.
Property managers are also better equipped to market your property and find the best long-term renters. They screen tenants to find the people who are most likely to settle for multiple years and who are reliable at paying rent on time.
They can also keep tabs on potential tenants in the case of a sudden tenant leaving, meaning your rental vacancy period is reduced.
Hiring property managers is one of the wisest decisions you can make as a property owner. While it costs money to hire property managers, they save you so much time and money and reduce your tenant turnover. Click here to learn what you need to think about when choosing property management services
Carefully Consider Increasing Rent Prices
One of the biggest factors that lead people to move out is if the rent is increasing at a rate they can't keep up with. Managing your property to keep rent costs as low as possible is a great way to ensure your tenants can stay there for longer.
When rent changes are going to happen, it's best to give a few months of warning before making the change. This way, tenants have a chance to sort out their finances or let you know they need to make another plan.
If a big rent increase is inevitable, then make sure to land on a new number that will make going through the process of getting new tenants worth it.
Get Regular Feedback
Check in with your tenants about their experiences. Ask specifically about any issues they might be facing on the property. This way, you can work to fix any issues rather than let them get worse because you don't know about them.
This reduces the chance that the tenants will leave because of a problem you're unaware of. You can also learn what they value about the property, so you know to invest in keeping that in good condition.
You can do these as surveys twice a year. This way, you're not hounding your tenants for information, but you get regular feedback and have time to improve things before lease renewals need to be signed.
Check out this link to learn the top mistakes you must never make as a property manager. https://www.carolinaspropertymanagement.com/blog/top-property-management-mistakes-that-you-must-avoid-at-all-costs
Reducing Tenant Turnover in Charlotte Rental Properties
Remove the headache of finding new tenants for your Charlotte rental properties. Follow these tips, and you're bound to retain tenants for longer.
Contact us for all your property management needs!