Resident Retention Ideas For Property Managers Seeking Improvement

Resident retention is a common goal for many landlords and property managers in general. Essentially, it refers to ensuring that your renters remain with you for the long-term.

It’s also a great goal that can improve your rentals’ returns significantly. It’s also a challenge for several people, but you can do a few things to help your property management in Florida.

Why you should care about resident retention

Forbes argues that resident retention is critical, especially with the current health crisis. With vacancies peaking, keeping occupancy healthy is a priority for both landlords and renters.

Resident retention ensures a constant income. However, that’s far from the only advantage. From staying away from marketing costs and vacancy, it’s easy to see why retention matters for property management in Florida and everywhere else.

Retaining long-time residents

RealPage’s blog states that long-time residents are often perceived as less important than new residents. As we already mentioned, that’s a costly mindset, and renewals are a lot more beneficial than replacing renters.

That’s why learning how to keep existing residents can be a lifesaver.

Relationships are vital

With that in mind, the most effective way to boost resident retention is to nurture honest relationships. You want to incentivize your tenants to renew their contracts.

Common practices include reserved parking, renovations, and promoting community projects and events.

Keeping everyone happy

Zillow also has several recommendations to ensure positive retention. These are more general than our previous section. However, they also pinpoint the foundation of keeping occupancy: healthy relationships.


You can create a sense of community to strengthen the relationships of all residents with you and each other. You can use common areas to host events for holidays and celebrations.

With today’s health concerns, you don’t really need to forego this approach. You can use social media and similar platforms to interact with your residents.


CAM (common area maintenance) is vital for property management in Florida overall. That’s just as true (if not more) for resident retention.

Make sure to keep all common areas clean and in good shape. That includes responding quickly to repair and maintenance requests to make your residents’ lives easier.

Adapting to your renters

Finally, you want to make sure you tailor your spaces to your renters. You should consider adding amenities, like a sports court or a kid’s park. You can even run community polls to gather feedback.

Rental Property Investment Tips for Nashville

Why keep money in banks when you can invest the smart way? Investing in rental property can be a good economic decision that can help you save more. It’s easy to find experts recommending rental property investment with the benefits including financial leverage, easy property management, and demand.

Are you thinking of stepping on the pedal too to save more money?

Property management in Nashville continues to look promising. According to the Nashville Business Journal, Nashville is a great real estate market to consider right now due to its popularity peak.

That said, rental property is a significant first-time investment, even if you’ve done it in another city already. Therefore, we’ve compiled several tips to make property management for Nashville easier.

Assess your finances before trying anything

Even Investopedia’s tip list mentions this within its first entries. You need to make sure your financial stability can support this investment. First, ensure you pay off all debts.

Then, evaluate your responsibilities as a landlord. That doesn’t mean just focusing on the right mindset and nothing else. You need to understand the expenses required for property management in Nashville, like CAM (common area maintenance) and HOA fees.

Identify your target investment

After you’re sure you can do it, you must recognize what to invest in. That means picking a neighborhood and the type of property you want to buy. Thinking about the kind of tenants you’d prefer is also useful.

However, it’s not just picking between apartments and houses. You should assess the entire space: number of rooms, construction materials, parking, size, and more.

Research the market to find opportunities

The most important part of making any investment is to assess trends and chances. Forecasts related to property management in Nashville are vital to help you make your final choice.

Right now, Nashville is expected to increase in home prices for over 5%, totalling more than 9% after last year’s rise.

Calculate your cap rate

Your capitalization rate is your possible profits from your property’s next income. The Balance defines it as the return rate you can make from a cash-bought house.

To calculate it, you must compare your renting price, expenses, and its purchase price. After subtracting your expenses from its rent, divide the result by your purchase price. The result is your cap rate percentage.

A word of caution though – there’s no “right or wrong” cap rate. It’s up to you to decide what makes an attractive return.

The 1% rule

As a side note, the same article from The Balance also mentions the 1% rule. It basically says that, if your monthly rent makes up (sans expenses) is at least 1% of its price, it’s worth looking more into it.