When it comes to multifamily housing and apartments in the southeastern U.S., tenant retention rate is a huge factor when it comes to return on investment. Having to get an apartment ready for a new tenant can cost from $3,00 to $5,000. On top of that, obtaining new tenants is also expensive, factoring in the cost of upgrades, posting vacancy, applications, background checks, not to mention the time the apartment sits empty. Which is why retaining your current relationship is vital.
Updates and renovations are often overlooked when it comes to current tenants. Who wants to bother perfectly happy residents with construction. But over time, their apartment becomes outdated. That’s when the tenant starts to look for a change in their housing.
Improve tenant retention with In-Unit Upgrades
Painting: A new coat of paint can do wonders. If you want to improve your relationship with the tenant, allow the tenant to help choose the color.
Upgrading flooring: Apartment flooring sees a lot of traffic. Replacing existing flooring with updated materials or cleaning them can really help retention.
Smart home: High speed Wi-Fi that supports the latest gadgets, security cameras, surround sound, and internet connected lighting, appeals to the younger renters.
Energy efficient appliances: Everyone loves new appliances. Not only do they look good, they cut energy costs.
Timely upgrades can significantly improve tenant retention rates, which can save you thousands. Increasing the overall appeal of the complex and current residents will be more likely to recommend it to friends and coworkers
Happy Thanksgiving From SWET Construction Group
Thanksgiving is a time of festive spirit, mouth watering meals and renewing ties with family and friends. It’s a great time to take a break from the hustle and bustle of life and reflect on what we’re thankful for.
The team at SWET Construction Group wants to take this opportunity to thank all of our friends and clients for their support!