According to ZipRecruiter, landlords in Riverside, CA, make an average of $86,909 yearly, with the typical range being $53,728 to $157,533.
If you're a Riverside landlord, too, but you make under $50 grand a year, your tenants likely always leave without renewing their leases. They're costing you a lot because every time they vacate your property, you lose income from the vacancy and spend more on finding a replacement.
Luckily, there are tenant retention programs that can help you keep your best renters.
The property management experts here at PMI Riverside share their top occupancy rate strategies, so please read on.
Resident Benefits Package (RBP)
An RBP combines value-added amenities and services tailored to your tenant's needs and preferences. Their goal is to make your renters feel that you care about them as people and not just as a source of rental income. When you make them feel this way, you can boost tenant satisfaction and rental property retention rates.
For example, if you have tenants from the Baby Boomer generation, you might want to consider including gym memberships in their RBP. According to Exercise.com, this age group goes to the gym the most, averaging 131 times a year!
Other perks to consider including in your RBP are utility cost discounts and a grace period for late rent. You should also offer an online landlord-tenant portal and various payment methods. The latter makes it more convenient for them to pay rent, and you also benefit from being able to collect rent on time.
Tenant Loyalty Programs
Tenant loyalty programs are rewards programs that incentivize renters for their excellent behavior and willingness to renew their leases. For example, you can assign one point to tenants each time they pay on the due date and two if they do it at least five days before. You can also award points to those who pass property inspections without problems.
Check your tenants' points a month or two before the lease expires. Reward them with gift cards, property upgrades, or rental discounts based on the points they've accrued.
Tenant Incentive Program
Unlike a tenant loyalty program whose rewards you'll give as part of a lease renewal, an incentive program provides tenants with more immediate perks. For instance, you can offer them a small rental discount every time they pay their rent five days before the due date.
You can still offer a loyalty program, but by giving more frequent, albeit smaller, incentives, your "good deeds" will likely be more memorable to your renters.
Implement These Tenant Retention Programs
From RBPs to loyalty programs and regular incentives, these are some of the top tenant retention programs that can help encourage your best renters to stay. So, consider implementing them as early as today.
Better yet, partner with our full-service property management company, PMI Riverside. As a local company, we understand what makes Riverside tenants tick, allowing us to craft incentive programs that effectively encourage them to renew their lease. We'll use our many years of experience to find you the best tenants and make them stay.
So, contact us today to learn how we can boost your occupancy rate!
