In order to come up with simple and cheap strategies to retain good tenants you have think about their desires and expectations as tenants. If they paid the rent in time and never caused trouble they surely liked what you have done so far and whatever change or action you engage in doing must not disturb the environment you created so far.
One simple and winning strategy is to act when a tenant announces he wants to leave.
What you must do in this case is ask what is the reason for the decision. Oftentimes it can be an apparently minor thing that you can solve with a discussion or a few hundred bucks. Repairing a facility or talking to the neighbors usually solves most of the reasons for discontent.
Make it cheaper for them to stay than to move.
Offer a discount for an advance payment or for a few months. Some tenants move simply because they are crossing a hard time when their income is temporarily lower than usual and they think they cannot negotiate with the landlord, you. Making a small discount will probably be cheaper than the loss you will suffer if the apartment remains vacant and the costs related to finding a new tenant.
Tenants want to feel that it is their home.
You must respect their privacy at all times and, unless there is an emergency, only show up if you announced your visit even if it is on short notice. The best practice is to call in advance and set up a meeting. You wouldn`t like it either to have someone you barely know show up in the middle of your living room unexpectedly.
Always be responsive. When a tenant brings an issue to your attention offer a solution and a response. Even if the problem cannot be fixed or if it will take some time to fix your willingness to find a solution and help them will seem like a sign of good faith. Sometimes the problem will go away by its own, but the tenant will feel that you had something to do with it. Apply this winning strategies to retain good tenants, honor the contract and find ways to please them and they will stay with you for a long time.