Deposit Refunds for Resident Retention
Consider the benefits of keeping good residents longer. By providing a “cash back” incentive, you not only encourage longer stays but also increase the likelihood of a larger deposit refund for the resident. This strategy can significantly improve your property's stability and reduce turnover costs.
I expect to redo apartments every 4 to 5 years anyway, so why not offer to start sending back annual deposit refunds, perhaps in $100 installments, starting the 4th year and continue to do so as long as the resident stays, passes annual inspections, and there is a balance remaining on the deposit?
Four “Nevers” When Screening Potential Residents
- Never rent without asking for a picture ID
- Never rent to someone who needs to move in “right away.”
- Never rent to someone who flashes all rent and deposit in cash
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