Property Management
A Washington property manager who manages a 100+ unit apartment complex should implement which practice to optimize tenant retention?
ARaise rents well above market to maximize revenue
BProvide responsive maintenance, clear communication, and consider renewal incentives to retain quality tenants✓ Correct
CMinimize all improvement spending to maximize NOI
DAllow lease terms to expire without offering renewals to keep flexibility
Explanation
Tenant retention is critical for maintaining high occupancy and low turnover costs. Responsive maintenance, clear communication, addressing tenant concerns promptly, and offering renewal incentives all contribute to retaining quality tenants in Washington's competitive rental market.
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