You may think that tenant retention begins only after they have settled into their new home. However, studies have shown that the move-in process actually significantly impacts the tenant retention rates, as well as the overall satisfaction of the tenants. Not only do these studies measure the retention rate, but they also indicate the likelihood of the tenants remaining satisfied throughout their stay. The study in question was undertaken by Kingsley Associates. They surveyed residents at three different times during their lease: move-in, halfway through their lease, and at the time of renewal.
The study shows that tenants that were satisfied during move-in often remained satisfied throughout their time in the rental property. 84% of the tenants that were satisfied at move-in remained satisfied by renewal. However, the numbers were skewed far in the opposite direction for tenants that were not satisfied at move-in. It showed that most tenants who were initially dissatisfied would remain dissatisfied by the time of renewal. Only 19% of tenants that were originally dissatisfied became satisfied throughout their time in the property.
Renewal rates were also impacted by the tenant’s initial satisfaction during move-in. 51% of tenants that were satisfied at move-in ended up renewing their lease. Only 32% of tenants that began dissatisfied with their move-in ultimately renewed their lease. This study shows that the first impression on an individual matters and can significantly impact your tenant retention.
Vacancies are bad for rental properties, period. Keeping your tenants satisfied is vital to ensure that your property sustains as few vacancies as possible. From the move-in to the lease renewal, the satisfaction of your tenants should be your first priority. To learn more about keeping your tenants happy, as well as the impact that the move-in has on renewal rates, contact us at the Keyrenter in Tacoma today!