250: How To Raise Rents And Retain Your Tenants, Dayton

Tenant retention begins before move-in: 

• Use a move-in checklist with the tenant.
• Move-in gift and packet.
• Communication.

Ongoing tenant retention during occupancy:

• Inspections every six months.
• Be attentive with service calls.

How to achieve a rent increase:

• 45 days’ notice.
• Use phone.
• Substantive reason: increase in property tax or maintenance costs. 
• Remind tenant of moving costs.
• Offer an upgrade – carpet cleaning, ceiling fan, etc.
• 2 – 5% annual increase typical.

We discuss why not every tenant is worth retaining. 

Dayton, OH has 1% rent-to-price ratios and an MSA population of 800,000. Also:

• Proximous to Cincinnati and Columbus. 
• Health care.
• Military.
• Manufacturing.
• 3 Amazon fulfillment centers within 45 minutes.

Learn more about the Dayton turnkey provider here. 

• In-house property management.
• Use luxury vinyl plank, white kitchen cabinets, newer HVAC & water heaters.
• 1-year and 3-year warranties.
• 97% occupancy rate.
• Leases up to 18 months.
• 3/1 SFHs: Rents $750 – $1,300 | Purchase prices $75K – $120K. Detached garage. 800 – 2,000 sf. Usable basement is additional sf.
• Property tax 1.8 – 2.1% annually as a percent of property value.
• Rent promise: Provider starts paying rent to you if your property is vacant 30+ days.

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