How important is tenant retention compared to continually finding new tenants?

Long-term tenant retention often produces greater financial value than repeatedly leasing vacant space. Lease turnover frequently results in lost rental income, tenant improvements, leasing commissions, marketing costs, and operational disruption.

Building positive landlord-tenant relationships, maintaining the property, responding promptly to legitimate concerns, and creating an environment where businesses can succeed often contribute to higher renewal rates.

Retaining an outstanding tenant is frequently less expensive than replacing one.