The true cost of tenant turnover is hard to gauge given the direct and indirect costs such as loss of rent, advertising for new renters, cleaning fees, repairs and the cost of utilities until a new renter moves in. These expenses can be as high as $5,000 per rental unit, depending on the location of the vacancy and the type of unit.
Since it’s a whole lot easier (and less costly) to keep tenants on board than to find new ones, you may want to take steps to retain your tenants. Here is a breakdown of ways you can do this. 
Keep The Property Well-Maintained
One of the best methods to keep renters happy is to be proactive with maintenance. Anticipate seasonal issues such as fall and spring clean-ups. Fix potholes in the parking lots. Ensure that trash pick-up goes smoothly. Above all else, respond to tenant complaints or needed repairs as efficiently as possible. No renter wants plumbing or electrical issues to impact their life.
Part of keeping a property well-maintained is having an easy way for renters to communicate with property management that fits their lifestyle. For instance, many renters enjoy the ease of using an app or HOA portal to request repairs. Older renters, on the other hand, may like to email or send a note to management. It is important to have multiple methods for renters to contact property managers should something go wrong, whether it is an emergency or something that can be fixed in time.
Foster A Sense of Community
While this is easier said than done, fostering a sense of community is key to keeping your renters happy with the people who live around them.
Making your building or complex feel like a neighborhood can be done in a few ways. Try organizing events such as gardening parties, mixers where new members of the community can meet their neighbors, or competitions where neighbors can compete in a fun way with each other, such as door-decorating contests.
Fostering a strong sense of community also means keeping the community clean, neat, and aesthetically pleasing so that people will be proud of their neighborhood and motivated to keep it tidy. 
Offer Retention Benefits
Everyone loves the perks of living in a community. These may include amenities such as a fire pit area, tennis/pickleball courts, a swimming pool, or a clubhouse that can be rented out for parties.
Benefits could mean that when a lease is up, a renter gains a cash bonus or gift card for re-signing or that their rent is not raised by signing a longer lease. Some property managers add an incentive to replace aging appliances or provide an upgrade to the unit or property in some way.
Allow for Resident Feedback
The residents of your community are the most important part of your job as a property manager. It is important to give them opportunities to communicate issues or feedback about things that may be going right or wrong and make changes accordingly.
If you have renters that you want to retain, consider investing in your communication and maintenance system and boosting the neighborhood feel of your community. Talk to our team at Thayer & Associates for information and assistance if you want to up your property management game.