Between lost rent, wasted staff time, and marketing spend, every renter that chooses not to renew carries a hefty price tag — even if your unit turns are a well-oiled machine. Here at Viva Benefits, we've mastered the craft of tenant retention with one single tool: Renter benefits.

These are services and amenities offered by landlords that enhance convenience, lifestyle, and even financial wellness for renters. These perks not only improve tenant satisfaction, but also lead to increased lease renewals, reduced vacancies, and a stronger reputation for property managers and landlords. Let's walk through what renter benefits are and why property managers and landlords should offer these to their tenants.

What are renter benefits?

As touched on above, renter benefits are additional services, perks, and amenities that property managers provide to tenants to create a more comfortable, secure, and enjoyable living experience. These benefits range from practical conveniences, such as online rent payments and maintenance services, to luxury amenities, such as fitness centers and smart home features. Properties that use Viva Benefits take it a step further, providing their renters with resources like low-cost telehealth, free virtual tutoring, and a free high yield savings account.

Why Property Managers Should Offer Renter Benefits

1. Boost tenant retention & reduce turnover costs

Even if your unit turns are well-honed and quick, resident turnover always incurs costs due to lost rent, marketing expenses, and time spent preparing units for new renters. Offering attractive renter benefits increases tenant satisfaction, making them more likely to renew their lease. Renters want to feel listened to, and with practical and useful benefits, they'll feel appreciated where they live. Why move out if you feel like your landlord actually cares?

In their case study, Viva Benefits found that property managers who used Viva Benefits saw a 9% increase in their NOI in 1 year.

2. Differentiate properties in a competitive market

With so many rental options available, standing out is essential. Think about your property and ask yourself what makes it different. If you don'thave an answer, then renter benefits might be the right choice. Renter benefits give properties a competitive edge by offering unique amenities and services that appeal to modern renters, such as pet-friendly spaces, co-working areas, and move-in assistance.

3. Enhance property value and justify higher rent prices

Properties with added benefits and amenities can command higher rental rates. Tenants are often willing to pay a premium for conveniences that enhance their quality of life, such as smart home features, community events, and included utilities. While Viva Benefits, for example, offers a lot of benefits for lower-income communities like affordable housing support and homebuyer grants, they also offer benefits that excellently supplement higher-income communities too, such as a high yield savings account.

4. Attract quality tenants

Offering desirable benefits attracts responsible tenants who value a well-maintained and service-oriented living environment. This can lead to fewer issues with late payments, property damage, or lease violations.

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Renter benefits may seem like an added bonus for tenants — but in this day and age, they're essential for property managers who want to attract and retain residents. By offering convenience, security, and actually-useful perks, property managers can increase resident satisfaction, boost retention rates, and improve their bottom line.

Our founder Michael Barnes puts it best when he says: "It really is a win-win: renters get the support they need and landlords get happier, more stable tenants" Viva helps renters gain stability while enabling property owners to foster happier, more reliable communities (Everywhere Ventures).

Looking to invest in renter benefits for your property(s)? Chat with us today!