How to Attract New Tenants and Keep Current Ones Happy

Whether your goal is filling vacancies in your units by attracting new tenants or maintaining your at-capacity status by keeping current tenants, there are a few strategies to consider.

Many landlords might feel they need to add special amenities or features to their units to keep tenants happy. According to Lisa Trosien, President of ApartmentExpert.com, it’s important to make sure the basic upkeep is your first priority. Tenants will appreciate the attention.

“Owners should always keep everything, clean, neat, painted and in good repair first,” says Trosien. “Amenities come second.”

If the basics are taken care and you feel an upgrade will be beneficial, take a look at the market around you to determine what amenities are popular.

“Depending upon your market, that determines your amenity level,” says Trosien. “See what your competitors are offering and try to be not only be comparable, but even better than they are.”

Offering discounts to attract new tenants or to encourage current tenants to renew their lease is another strategy that needs to be considered within the context of the specific area. These methods will usually only be successful in certain market conditions. For example, it is often difficult to draw in new residents when the market is saturated. A special offer could lure them over, but remember that it could have lasting effects.

“Your renewing residents will expect the same deal and every time you offer a concession, you lower the value of your asset,” says Trosien. “Keep that in mind. Try offering an apartment upgrade instead. This increases the value of the asset and gives the renter something they wouldn’t have had otherwise.”

Incentives not relating to the apartment directly are another strategy. You might offer new tenants a grocery store gift card, or coupons to a nearby home décor store.

“Words like ‘free’ always attract people,” says Trosien. “How about offering a gas card? In this day and age, that’s bound to get attention.”