Tenant turnover can be a big problem for landlords regarding profitability. Each time a tenant moves out, the landlord must spend money on advertising, cleaning, and even repairs. In addition, there is always the risk that the new tenant will not be as good as the previous one regarding rent payments and property upkeep. As a result, landlords must do everything possible to minimize tenant turnover. One way to do this is to offer incentives such as reduced rent for signing a longer lease. Another is to create a welcoming and comfortable living environment for tenants. By taking these measures, landlords can help ensure that their tenants stay put and their profitability remains high.
Below is an example of turnover costs for landlords. Of course, these numbers will vary according to the area, property, location, and local market.
| First Month | Additional Months |
Loss Rent | $1,750 | $1,750 |
Mortgage | 950 | 950 |
HOA fees | 300 | 300 |
Cleaning costs | 250 | |
Real Estate Photography | 175 | |
Marketing | 150 | 150 |
Maintenance | 100 | 100 |
Painting | 1250 | |
Total | $4,925 | $3,250 |
An experienced property manager can help to reduce tenant turnover by expediting property showings, tenant qualifying, maintenance, property cleaning, and marketing. Property Managers serving your area for a long time will have a long list of contractors who prioritize their properties at discounted prices. Doing so can help ensure that your property is attractive to potential tenants and that you can fill vacancies quickly. In addition, they can help screen tenant applications and ensure that you rent to qualified individuals who are likely to stay in your unit for the long term. As a result, working with a property manager can save you a lot of time and money in the long run.
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At Don Asher Management, we've proudly served the Central Florida community for over 70 years. As a locally-owned company with a strong understanding of the local market, we've cultivated substantial relationships with local and national contractors to provide top-quality services. We're dedicated to meeting your Property and HOA management needs with a personalized touch, combining our decades of experience and commitment to detail for unmatched service. We're confident in our ability to deliver exceptional services tailored just for you. Choose Don Asher Management - where personalized attention meets professional service.