Tenant turnover costs $1,000-$5,000 per unit when factoring vacancy losses, cleaning, repairs, advertising, and screening. Retention strategies deliver immediate ROI.
The Power of Responsive Communication
Tenants who feel heard are 76% more likely to renew leases. Respond to maintenance requests within 24 hours. Acknowledge non-emergency communications within one business day.
Strategic Lease Renewal Incentives
Offer small improvements for renewal: fresh paint, new appliances, landscaping upgrades. A $500 improvement that secures a 12-month renewal saves thousands in turnover costs.