Five Tips to Reduce Turnover "The best way to avoid turnover expenses is to reduce unit turnover altogether. “Renewals are the best way to avoid turnover costs and loss of rents between leases,” said Michael Zaransky, managing principal of MZ Capital Partners in Northbrook, Ill. “In addition, a renewed resident that has a history of paying rent on time, without issues, is a known factor as opposed to a new person without a payment history at the property.” Here what you can do to improve resident retention. 1. Meet—and surpass—the needs of your residents. Many landlords survey residents regularly for that reason. Consider conducting exit interviews with residents who are leaving to get valuable feedback about what you’re doing right—or areas that need improvement. Improve the resident experience through data analysis. 2. Provide top-notch customer service to existing residents. Handle work orders quickly and efficiently and keep the property in tip-top condition. 3. Foster a sense of community among residents. The more residents feel like the apartment community is “home,” and the happier they are there, the more likely they are to stay. 4. Avoid large rent increases, particularly in markets where there is an oversupply of new inventory. It’s better to offer residents a lease at the same rent than to scramble to find new ones. 5. Consider offering concessions. This is highly market-dependent. In tight markets, where there are multiple prospects for each available unit, concessions may not be necessary to encourage a resident to stay put. But in slower markets, it might make sense. After all, it’s better to offer one month’s free rent of, say, $1,500, than to face the possibility of $4,000 to $5,000 in out-of-pocket expenses and lost rent to turn over a unit." https://lnkd.in/g9gYF9F6