New York City is known for the high prices of property rentals and sales, which shouldn’t be surprising for both landlords and tenants alike. Business Insider listed high construction costs and high property taxes alongside other critical factors that raise property prices in NYC.
If you have properties that you want to rent out, keep in mind that tenants will have high expectations considering the rent they’re paying. You don’t have to worry, though, as good property management practices can easily keep your renters satisfied.
American Apartment Owners Association emphasized that lifestyle tenants care about flexibility, convenience, and affordability. People who choose to rent a house instead of buying one expect safety, convenience of location, and fair pricing. Yes, potential renters prepare for high prices, but that doesn’t mean they’d just give in to inflated rates. They will compare the amenities and price with those of the surrounding properties.
Provided that you have selected good tenants (i.e., those that cause no trouble and pay rent on time), you’d want to ensure their satisfaction. Here are some tips to help improve tenant retention.
A more inclusive environment is better. Young professionals prefer mixed-used developments and walkable environments with close proximity to common amenities like restaurants and shopping centers.
Don’t fall into technophobia. If you prefer the “good old days”, most of your tenants probably don’t. Thus, don’t be afraid to provide the newest in tech offerings. Yes, it may entail a good deal of capital but the payoff will be significant if you attract high-quality tenants.
Think of new amenities to add. Get creative and research on what other NYC rental property owners are doing. You just might find something that will be applicable to your property and would make your tenants happier.
Customer care should be your focus. Giving your tenants a convenient way to pay rent and resolving maintenance issues in a timely manner are just some of the ways you can give optimal customer care.
The good news is that you don’t have to do all the above by yourself. Apartment management companies, like Blue Harbour Property Management, specialize in these tasks and can easily assure the satisfaction of your tenants.
DEAR NEW YORKERS: Here’s Why Your Rent Is So Ridiculously High, Business Insider
4 Ways to Improve Resident Satisfaction, American Apartment Owners Association