Reduce Your Vacancies and Turnover by Listening to 10,000 Tenants
For years, RentLikeAPro.com has taught their “Price, Presentation, and Promotion” program for reducing vacancies. Now, a recent study has shown that turnover rates can be reduced if landlords and tenants work together. This can be accomplished by focusing on two areas: Improving communication skills between tenants and landlords and improving the appearance of the property.
J. Turner Research, a marketing research firm serving the multifamily industry, has done the research and come up with some solutions. They surveyed 10,000 U.S. apartment residents regarding their satisfaction, and have published their results by ranking the top 10 apartment resident complaints:
- Rental rates
- Poor grounds/common area upkeep
- Disorganized staff/ lack of communication with staff
- Quality of response to maintenance requests
- Overall customer service of management staff
- Quality of parking/parking availability
- Concerns over security/safety/lighting
- Lack of upgraded amenities
- Pets not on leash/poor pet waste removal
- General lack of preventative maintenance
According to their findings, the biggest issue apartment residents have been unhappy about are the rental rates. In fact, residents mentioned the cost of rent more than twice as often as other concerns. Rental rates were nearly three times more likely to be cited by disgruntled tenants than noise. Although rental rates are the number one complaint, it is not always in the hands of the landlord to set the rates.
Another big complaint from residents include issues with management and maintenance personnel. The relationships between the landlords and the residents are key to keeping turnover rates low. By resolving residents’ concerns, they will be more satisfied with the property they are renting; therefore, they will be more likely to continue renting the unit. Quick response time to the tenants’ complaints, along with updating appliances, carpet and amenities when needed, can make a huge difference in the tenants decision to continue renting or move on.
It has been suggested that “communities with the highest levels of customer satisfaction also benefit from the best online ratings and reviews.” (Turner)