Keeping a tenant avoids vacancy, turnover costs and new tenant improvement spend, and all of that shows up in NOI. Start on retention early and it protects both income and value.
Retention Best Practices
- Early lease renewal discussions (18-24 months)
- Responsive property management
- Building amenity and service improvements
- Competitive renewal terms
Measuring Success
Track retention rates, tenant satisfaction scores, and renewal economics. Compare to market benchmarks to identify improvement opportunities.