While NYC landlords have been able to take advantage of record-low vacancy rates and higher demand in recent years, it looks like the boom times might be coming to an end.
Rents have continuously fallen in the second quarter of 2024, suggesting that the market has finally hit the limit of what tenants are willing to pay. All of this means that now is the time to look and the leasing management practices you can pursue to keep your current tenants around for longer.
Tenant churn is expensive, as is finding new tenants. With these expert tenant retention strategies, you can keep all of your NYC tenants happy and in your properties for longer.
Customer Service Is King
One of the most effective means for reducing tenant turnover is to offer top-notch customer service. After all, any tenant paying NYC prices expects their landlord to be responsive to their needs at a bare minimum.
This means always being reachable whenever your tenants have a problem that it is your job to resolve. Respond to tenant queries in a prompt, friendly, and professional manner, without exception.
Do your best to be approachable, so that your tenants always feel like they can communicate with you when they need to. It's not rocket science.
Be Competitive with Your Lease Terms
One essential piece of property management advice in NYC right now is to keep your leases competitive.
Demand is falling and tenants have increasing power to choose the right property for their needs. If you want to stop your tenants from jumping ship when the lease is up, throw in some sweeteners to make your lease the most attractive option.
This means keeping your rent increases reasonable and predictable, and always giving solid reasoning for any rises. It means offering greater flexibility where possible, be it with lease terms, pets, or access to amenities.
New Yorkers Seek Community
One of the best tenant satisfaction tips for NYC landlords is to offer a sense of community.
New York can be an alienating place to live, and people don't always know their neighbors. You have the power to give your tenants the community they crave and make your property a place they never want to leave.
All of this can be done without any major investments. You can organize events, such as holiday parties or meetups in your building. You can create shared group chats and encourage your tenants to join.
Remember, community also means safety. This is why it is essential to promote a safe living environment by installing security cameras, upgrading the lock system, and installing proper lighting throughout the building. This will give your New York tenants the peace of mind they need to call your property home.
Professional Leasing Management Services for NYC Landlords
Reducing tenant churn is essential for your profitability and continued ability to invest.
With the right leasing management strategies, you can keep loyal, paying tenants in your property for longer. If you need professional guidance on how to get it right, we can help.
At PMI New York City, we use state-of-the-art technology to offer expert investment property management on your behalf, which includes targeted strategies to boost tenant retention. Give us a call today to find out exactly how we can help.
