4 Ways to Retain Existing Tenants in Your Multifamily Property

Written by Posted On Thursday, 18 February 2016 00:11
Multifamily Property Multifamily Property

The primary objective of your renovation strategy may be to attract new renters to your multifamily property; still you wouldn’t want to lose the existing people who are already living there. After all, retaining existing tenants helps ensure optimal occupancy of your property throughout the year, and you don’t lose out on rents. Let’s take a look at the four ways to retain renters in the long run.   

1. Verify the background of renters

The first way to generate revenues, in the long run, is to get quality tenants. In this endeavor, the first step is, therefore, to verify the background of renters. Check the history of their rental payments and avoid tenants who did not adhere to leasing guidelines in the past or were forced to evict the property. It goes without a saying that you will not want to give your property on lease to defaulters or tenants who were involved in litigation in the past.

2. Make your property user-friendly and energy-efficient

You can add value to your multifamily property by making it more user-friendly. You can add a number of amenities and also enhance its aesthetic appeal by doing modifications in interiors and exteriors. You can consult an interior/exterior renovation contractor to implement your renovation strategy within your budget. Keep in mind that be it installing slide or pocket doors to adjust in cramped space, solar tubes in hallways for daylighting, installing full-length kitchen cabinets, energy-efficient windows or roof, all of these changes can make your property more user-friendly and energy-efficient. It, in turn, will help retain your existing renters.  

3. Improve the curb appeal

The curb appeal of a property plays a crucial role in creating the first impression. Poor or unattractive interior or exterior can be a huge turn-off for renters. You can significantly enhance the appeal of your property through some makeover. This may involve any of the following:

  • Changing or Repainting doors and windows
  • Repainting walls
  • Repairing broken or cracked cladding such as render or timber
  • Adding a porch
  • Removing stone cladding
  • Adding/replacing a house sign or number
  • Renaming the property.


Large-scale internal or external makeovers can completely transform the appearance of a property by enhancing its charm. These small changes can make a world of difference to your property and your income.

4. Create off-street parking

Off-street parking can be a huge value addition to your property. Especially if your multifamily property is located in a prime urban location where on-street parking is restricted, this will be considered as a great facility by renters. In such scenario, creating one or two parking spaces in front, or alongside a property can add significant value. To renters,  a dedicated and low-maintenance parking space is more valuable and appealing than a garden they will never use.

The Bottom Line

Retaining existing tenants is more cost-effective than attracting new renters that require continuous advertising and networking efforts. As a multifamily property owner, you can hire services of a reputed interior renovation contractor to do the necessary changes in your property to fetch long-term benefits.

 

 

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Groot Etkeens

Groot Etkeens is a professional writer for the multifamily renovation and repositioning industry. He specializes in multifamily investment and acquisition strategies, rent optimization and market trends and growth.

www.unitedrenovations.com

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