Are tenants coming and going at a high rate? Something is amiss.
As a rental property owner or property manager, it's your job to find ways to keep the tenant retention rate as close to 100% as possible. Staying on top of property maintenance is one way to help keep the retention rate.
What does property maintenance have to do with tenant retention, though? To know the connection, read on!
Tenant Health and Safety
Everyone wants to live in a safe and healthy environment. Your tenants are no exception.
Unfortunately, people have limited control over their living environment when renting. This is why the law requires landlords to provide a livable place to tenants.
This includes things like:
- Maintaining the structural integrity of the building
- Ensuring elevators, plumbing, and electrical systems are in working order
- Taking steps to prevent burglaries and other criminal intrusions
- Pest and rodent control
- Eliminating or preventing environmental hazards like lead and asbestos
Providing a livable environment calls for routine maintenance. Plumbing and electrical fittings will fail from time to time, for example. If you don't stay on top of maintenance or do repairs when needed, the livability of the place will deteriorate. The presence of hazards like mold poses a danger to the health of the tenants.
Faced with a landlord who isn't keen on repairs and maintenance, most tenants would rather break the lease and find another home to rent.
Protection of Tenant Belongings
Your tenants have cars and other valuable household items. When they're living on your property, they want the assurance that their belongings are safe.
A poorly maintained building can pose a threat to a tenant's property. For example, let's say the garage roof is in bad shape. A tenant might fear the roof could collapse and damage their cars.
Although the tenant might have adequate insurance to fix the car in the event of such accidents, nobody wants to run that risk. They'll simply vacate the property.
With proper maintenance, tenants will be more confident that their valuables are not exposed to hazards that can cause significant damage.
Tenant Peace of Mind
Routine rental property maintenance adds to a tenant's peace of mind.
Nobody wants to be at school or work worrying about their abode. If that's the situation, they will pack their bags and leave for a better rental.
Routine Property Maintenance Keeps Tenants Happy
Property maintenance can sometimes seem like an unnecessary expense. You might be tempted to skip minor issues for a few months, but that's how you'll end up with huge repair bills. Your tenants will also be dissatisfied and opt to vacate, leaving you with vacant units that won't be easy to fill.
At Property Management International Greater Philadelphia, we understand that as a landlord, you may not have the time to maintain your property accordingly. If you leave your property's management to us, rest assured maintenance will be done on schedule.
Give us a call if you'd like to learn more about our property management services.