Definition
Tenant retention maintains existing tenants reducing vacancy and turnover costs. Responsive maintenance and fair rent increases improve satisfaction.
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Retention includes responsive maintenance, fair rent increases, good communication. Turnover cost (vacancy, cleaning, repairs) often 5-10% monthly rent. Retaining good tenants saves money. Market-rate increases vs. excessive increases. Relationship building reduces disputes. Responsive maintenance builds satisfaction. Recognition of loyalty. Early lease renewal discussions. Retention-focused management improves profitability. Stable tenancy creates stability. Professional property management prioritizes retention. Savings exceed relationship investment.
Pro Tip
Tenant retention saves more money than recruiting new tenants.
Example
Tenant retention strategies saved $5,000 annually vs. frequent turnover.