What does tenant retention refer to?

Tenant retention specifically refers to the strategies and practices implemented by property managers and landlords to keep existing tenants satisfied and reduce turnover rates. High tenant retention is essential in property management as it leads to reduced vacancy rates, which, in turn, stabilizes income for property owners and minimizes the costs associated with finding and onboarding new tenants.

By focusing on tenant retention, property managers may employ various tactics such as enhancing tenant communication, responding promptly to maintenance requests, and creating a welcoming community atmosphere. These efforts contribute to tenant satisfaction, which encourages them to renew leases rather than move out.

In contrast, the other options relate to different aspects of property management and tenancy. The process of finding new tenants is crucial but does not address retention directly. Legal rights pertain to the obligations and entitlements established in lease agreements, while financial obligations relate to the costs tenants are responsible for during their lease term. These aspects do not focus on the specific strategies involved in keeping tenants long-term.