Renters across Canada have a lot of choice when it comes to selecting what apartment they live in. This means that lackluster service and upkeep on behalf of owners and managers can lead to higher vacancy rates — and lower revenue.

According to the Canada Mortgage and Housing Corporation, the average vacancy rate for rental apartments in Canada’s 35 major centres increased to 2.7 per cent in April 2013 from 2.3 per cent in April 2012. If this trend continues into 2014, it will be even more prudent to work hard to retain residents.

What’s more, a 2011 SatisFacts study estimates that turnover costs a whopping $3,900 per unit. This amount includes $1,200 in lost rental income, nearly $800 in concessions and more than $700 in maintenance.

Happy residents are the key component to keeping a turner rate low. Luckily, there are steps available to make renters love their current apartment building and want to stay for the long haul.

Talking to residents

Communication with residents should be open and ongoing. They should be aware that management is there to answer their phone calls or emails. Better yet, rental office hours should be posted conspicuously, so residents know when they can stop by to speak with someone in person. The relationship should leave tenants feeling comfortable about speaking management about any issues that arise. Both management and staff should remember to talk to the residents — not at them.

Stick to your word

If management says that they will fix something by a certain date, they should stick to it. If problems come up and the deadline becomes impossible to meet, residents should be informed why this happened, and when they can expect the issue to be resolved. A prompt maintenance response time is one of the biggest concerns for most residents. Apartments should go the extra mile to have maintenance issues dealt with as soon as possible.

Offering renewal incentives

There are a number of perks that apartments can use to encourage residents to resign when a lease comes to its end. Rent can be locked in at its current price, an upgrade can be offered, or gift cards to local restaurants or shops can be given as a bonus upon signing. A few months before their renewal is up, management should send residents a reminder letter with a treat included (candy, pizza coupons, etc.).

Resident events

A great way to retain residents is by creating a sense of community within a building. Monthly or bi-monthly events and parties allow residents to get to know each other through potluck dinners, charity drives, game nights and seasonal decorating parties. Having a fun and happy community in a building will encourage residents to stay long-term and make the apartment their permanent home.

Customer service

Does management always respond promptly to resident requests? Are maintenance issues resolved quickly and professionally? Are complaints or other issues handled properly, or are they just put aside? These are all important issues and residents will remember how they are handled (or not handled) at renewal time.

Maintaining the look and quality of the property

Many residents that become dissatisfied with their apartment often cite that the property went downhill as a major reason for leaving. This can mean anything from neglected landscaping, to trash scattered throughout the property, to repairs that go unfixed. Residents think of their apartment as their home, and coming home to suspicious characters hanging out in the parking lot or trash blowing around in the wind will make a once-satisfied tenant thick twice about renewing.

Keeping residents informed and involved

A monthly newsletter, holiday wine and cheese parties and an annual property yard sale are all things that can help to create a feeling of community. Social media is another great tool that management can use to update residents about everything from parties to repairs.

Staffing consistency

While a change of staff cannot always be prevented, it is important to maintain some consistency in the rental office. Residents often become attached to office personnel, and frequent staff turnover may not only affect property performance, but resident turnover as well.

While there will always be resident turnover, building and maintaining a solid community can help an apartment building hold on to tenants when leases have to be resigned.

Chaim Rivlin works at Rentseeker.ca.