In managing multifamily properties, the key to tenant retention is organization. Depending on the size of your property, you could be dealing with twenty, or even hundreds of tenants. The more tenants you manage the more important it is to stay organized. Organization includes finances, tenant personal information, work orders, bills, maintenance requests, and tenant communications.
With hundreds of rental units to choose from, retaining tenants in Orlando, Florida requires hard work, dedication, and attention to detail. While there are countless property management tips to improve tenant retention in multifamily properties, here are our top tips from a professional Orlando property manager!
Prioritize Organization and Proactive Communication
While organization is essential for the operation of the property alone, it is also an essential factor that contributes significantly to tenant retention. Tenants want to feel seen and heard in their rental homes, especially in multifamily units, and landlords have an obligation to meet that expectation. While communicating with tenants daily is unnecessary, it is completely necessary to communicate with tenants to address and meet their needs, and convey important information. According to research done by Buildium, “As of 2023, 90% of renters are interested in completing rental processes online…” emphasizing the importance of online tenant portals, online rent payments, and proactive responses to online tenant requests.
In addition to timely and effective communication regarding tenant inquiries, maintenance requests, or financial obligations, landlords and Orlando property managers should update tenants on any changes to the building, operations, or policies. In multifamily rental properties, this may include for example:
- Notice of inspections
- Notice of building and grounds maintenance/repairs
- Changes to the use of amenities or shared spaces
- Parking violations
As responding to and communicating with tenants in multifamily rental properties can be time consuming, I highly recommend hiring personnel dedicated to doing so. Tenant communication should be a main priority for those property owners and property managers looking for high tenant retention rates.
Streamline Maintenance and Repairs
Maintenance and repairs are one of the most important aspects of managing a multifamily rental property when it comes to tenant retention. Whether it’s replacing a leaky faucet in a tenant’s unit, or repairing a broken machine in the gym, tending to your renter’s units and shared spaces can make all the difference in their decision to renew their lease. With hundreds of multifamily rental units to choose from in Orlando, tenants have high expectations when it comes to precision and care— if you fail to address maintenance issues over an extended period of time, your tenants will most likely look to move elsewhere.
As a landlord or property manager, you have a responsibility to provide maintenance and repair services to your tenants and your property, and I recommend doing so in a timely manner. No matter the severity of the issue, no tenant wants to be inconvenienced by an unresolved maintenance issue and an absent landlord or property manager.
To ensure your multifamily property is kept to its best operating standards, establishing a preventative maintenance schedule is highly effective. Taking preventative maintenance measures can decrease the risk of emergency repairs and ensure all aspects of your property are operating correctly. I highly recommend conducting inspections on each unit and the property grounds, which includes move-in inspections, quarterly inspections, and move-out inspections. This allows Orlando property managers to identify and mitigate issues before they escalate.
While preventative maintenance contributes to a decrease in maintenance and repair emergencies, there is no saying that your multifamily renters will not have maintenance and repair issues. With multiple units, normal wear and tear and occasional maintenance issues are normal and to be expected. It is vital to create efficient maintenance request protocols, communicate expected timelines, and deliver efficient and proactive solutions.
Addressing and fixing tenant’s maintenance and repair issues not only provides them a comfortable and safe living environment, but encourages them to renew their lease and provide positive feedback about your multifamily property. This will lead to high occupancy rates and increased profits.
Offer Competitive Amenities and Upgrades
The state of Florida, specifically Orlando, has experienced a recent surge in construction of new residential multifamily properties with state of the art amenities and luxurious offerings. With over 10,000 newly constructed apartment units in 2024 alone, Orlando’s tenants expectations have been enhanced due to the implementation of modern amenities and upgraded living experiences. For rental property owners with older or less modern multifamily rentals, it may be time to evaluate market trends and cater to tenant preferences.
For some tenants, amenities and upgrades may be the driving force in signing or signing a lease. While this may not be the case for all tenants, we are seeing a shift where renters add amenities to their ‘non negotiables’ list. In Orlando, these amenities may include:
- Pool
- Fitness Center
- Co-working Space
- Rooftop
- Grilling area/kitchen
- Dog park/ Dog Wash
While a full revamp may not be in the cards for your multifamily rental property, I highly suggest upgrades and amenity implementations where possible. In addition to shared amenities, tenants appreciate and value unit-level upgrades such as modern appliances, smart home technology, and energy-efficient features. Consider the following upgrades to enhance your multifamily tenant retention rate:
Fresh paint:
When choosing a paint color for your rental property, it can be difficult to put your personal preferences aside. While you may personally like dark green or bright blue, it’s better to steer clear of abstract colors. Neutral and light colors like white, cream, or gray create a clean and modern look; a popular preference amongst renters. Incorporating colors may deter tenants with certain color aversions.
New Appliances:
Your rental property’s kitchen appliances should be fairly new and in operating condition. For optimal tenant interest, your kitchen should be cohesive, meaning your appliances should match to create a visually appealing and inviting space. Because of its durability and polished look, the most popular and preferred appliance finish is stainless steel.
New Flooring:
Multifamily rental property owners should actively avoid flooring that is easily damaged or stained, especially if your rental property is pet-friendly. With this in mind, I recommend hardwood, luxury vinyl, or laminate flooring. While hardwood can be pricey, it adds significant appeal and value to your rental property, increasing your chances of retaining tenants.
Enhance Curb Appeal:
Aside from the price, the exterior of your property is one of the first aspects potential tenants will see and evaluate. Enhancing your property’s curb appeal can make a notable and lasting difference on a prospective tenant’s first impression and interest in submitting an application.
A few simple ways to enhance curb appeal include:
- Lawn care (grass, trees, flowers, plants)
- Paint the front door or building exterior
- Pressure washing the sidewalks, parking garage, exterior of the building and outdoor spaces
- Clean the gutters
- Rid of any garbage and debris inside and outside of the building
Not only does enhancing the curb appeal make your property look more appealing, but it also shows that the landlord puts care and attention into the property, thus improving tenant satisfaction and retention rates.
Ensure Fair and Transparent Pricing
Over the past couple of years, the real estate market has fluctuated significantly. From sharp rent and population increases in 2020, to high inflation and interest rates in 2024, renters are seeking stability and affordability in 2025.
Luckily for property owners, 47% of renters are planning to remain in the current residence. In a market where tenants prefer to stay put, retention rates increase and so do your profits. With decreased vacancy periods and a stable cashflow, property owners will build equity in their properties and avoid the expenses associated with finding new tenants and vacancy periods.
However, it is essential to ensure fair and transparent pricing for your multifamily units. While mortgage rates are high and people are reluctant to purchase homes, raising rent significantly will not put you at an advantage. Being that there are thousands of rental units in Orlando, your pricing must be competitive to retain your tenants. If your renters feel they can find better pricing elsewhere, there is a high chance that they will not renew their lease and look to move into a unit with fair pricing.
Hire a Professional Property Management Company
While some rental property owners prefer to self manage, multifamily rental property owners seeking high tenant retention rates should seriously consider hiring a professional property management company. An experienced property management company provides structure and efficiency in their workflow that a self managing property owner may not have the capability of.
At The Listing Real Estate Management, we work with multiple multifamily complexes across Florida. The way in which multifamily properties are managed differs from that of single-family homes; multifamily properties require increased management protocols, technology, code enforcement, tenant organization systems, rent collection processes, and legal structure. Successfully managing and retaining tenants in a multifamily complex requires significantly more effort and is best done by a professional.
If you’re looking to optimize your income and maintain high tenant retention rates for your multifamily rental property in Orlando, contact us today at The Listing Real Estate Management to learn more.
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