The most successful residential properties are the ones that don’t have to cycle through waves and waves of new residents every time a batch of leases is up. Indeed, one of the most important numbers to pay attention to when running a property is the rate of resident retention. Having a low retention rate means constantly needed to use resources to try to find new residents. Instead of getting stuck in that mess, it is often much more productive to simply find a way to make your residents happy enough to stay. Naturally, you will always have people who need to move after their leases are up, but it’s better if this number stays on the low side. Here’s some ideas on how to improve resident retention.
Sometimes, it can be stressful to rent property when you afraid that you could be held legally and financially accountable to many of the inadvertent disasters that can happen to your home. This is certainly understandable! However, there is a solution that can help renters have a little peace of mind during the duration of their lease. That solution is renters insurance. Most places that rent property to live in will offer renters insurance to their residents. Here’s some of the benefits that renters insurance is able to provide… (more…)