Increase Profitability by Boosting Tenant Retention Rates
The ebb and flow of tenants is something that every property manager is accustomed to, but that doesn’t mean that efforts shouldn’t be made to incentivize tenants to stay. Why? Because according to the Journal of Property Management, the cost of replacing a tenant is 3x the amount associated with an existing tenant renewing their lease.
Tenants are now making leasing decisions based on the energy efficiency of a prospective building. Generally speaking, an energy efficient building offers tenants lower long-term costs over an energy inefficient building. Tenants are not only mindful of their wallets, but they are also sensitive to their corporate image. Occupying space in an energy inefficient building can be detrimental to their brand. Property managers and owners need to look at a building’s Energy Star Portfolio Manager score, LEED certification, carbon footprint, and compliance with local laws such as New York Local Law 97, Clean Energy DC Act (Washington, DC), and Boston’s Building Energy Reporting and Disclosure Ordinance (BERDO).
At Energy Products Distribution, we offer a tremendous arsenal of solution-based products that help create and maintain a comfortable, safe, and energy-efficient environment for your tenants.
Learn how these products boost tenant retention rates, and consequently, your bottom line.