Among the many hats that property managers wear is the role of finding new tenants when former ones move out. The task can be demanding and take time, effort and money to complete cyclically. Wouldn’t it be amazing, instead of constantly advertising for vacancies, reviewing applications and going over the background and credit checks of new tenants, you could just keep all your best tenants?
This is possible if you work toward retaining your preferred renters by building community, maintaining solid communication processes, providing perks or amenities where possible and providing a well-maintained environment for every tenant. 
What is Resident Retention?
In the property management universe, resident retention is the process of keeping your preferred renters happy so that they remain at your property rather than finding a new place to live. Maintaining tenant satisfaction is crucial to achieving this, so staying in touch with what renters want should be a top priority for property managers.
According to the 2025 Resident Experience Management Report, the average resident retention rate in 2024 was 60%, indicating that there is still room for improvement in retaining quality tenants.
Why is Resident Retention Important?
Maintaining high resident retention rates will make a property manager’s job easier. By keeping valued tenants, property managers can avoid the periodic need to market the property, arrange for a cleaning, and go through the process of vetting a new renter. All of this takes precious time and energy away from the other host of tasks a property manager handles.
Steps to Reduce Resident Turnover
Reducing turnover can lower costs, open up time for other projects and help improve the community feel of your property. Here are some tips on ways to improve your turnover rate.
Build Community
Renters may not own their property, but they want to “feel” like it’s their own wherever they are. Fostering a sense of community is a great way to make everyone living within it feel at home. Setting up neighborhood get-togethers, friendly competitions such as decorating doors or balconies, and creating common areas like outdoor entertaining spaces where residents can interact, go a long way in making people feel like this is a friendly place to live.
Keep the Property Well-Maintained
Residents expect their community to be well-maintained, including the major components of their unit, such as plumbing, electrical, and safety measures. They also want to live in a community that is clean, safe, and aesthetically pleasing. This entails year-round landscaping and grounds maintenance, including lighting, safety measures, and overall cleanliness.
Offer Property Perks
Depending on the type of community you manage, consider offering perks such as discounts on extended leases, amenities like a pool, hot tub, tennis courts, or walking trails (when possible), as well as outdoor spaces that make the property unique or set it apart from other nearby properties.
Provide Optimal Communication
Being responsive to comments, questions and concerns from residents is a key part of fostering the kind of community where residents stick around for years. Make it easy for tenants to contact property managers, both in times of emergency and when they have general questions. Offer multiple methods to communicate, including a property manager’s portal, direct texting, and informative newsletters sent to the entire community regularly.
Need help maintaining your property, developing good communication practices or building a positive community? Contact our team to learn more about these services and explore other ways to enhance your retention rate.