How to Attract Long Term Tenants
The benefits of having long-term tenants are enough to make any property owner want to have them. They generate rental income consistently and reduce the costs of having to remarket the property and rescreen for tenants each year.
So how do you attract such high-quality, long-term renting tenants? There’s no one-size-fits-all answer to this question, however, there are some things you can do to help maximize your chances that your tenant will resign their leases. Consider doing the following:
1. Upgrading the kitchen.
For tenants, often the make-or-break factor of whether they will resign their lease or not lies in the kitchen and bathroom facilities. Most people spend a lot of time in these rooms and seeing unsightly old materials can be uninspiring.
Renovating or upgrading your kitchen and bathroom will entice tenants to renew their lease. It will also make these rooms more durable and you will likely face fewer maintenance requests for them. Install granite countertops to avoid chipping and replace dull tiles to brighten the rooms.
2. Hiring professional cleaners at least once a year.
To increase your chances of having a tenant resign their lease, you should engage the services of professional cleaners once or twice a year. Regardless of how modern your rental is, if it isn’t thoroughly cleaned, it’s appeal will diminish and tenants will be less likely to want to stay in the property.
Further, regular professional cleanings will ensure you don’t end up with longer-term maintenance issues, such as mold infestations. You can also save on replacement expenses if you ensure that the facilities of your property are kept clean and in good condition.
3. Giving new tenants a warm welcome.
As a property owner, you can help foster a good relationship with your tenant by creating a welcoming environment when they move in. Something as simple as recommendations for amenities around the area can drastically change the way your tenant views you. Tenants who have a good rapport with their landlords are far more likely to resign their lease.
4. Prioritizing safety in the premises.
Safety is the most important factor that tenants take into consideration. Even if your unit is cost-friendly and accessible to local amenities, your turnover will be higher if the property is unsafe. You should take the time to implement safety precautions, such as installing security locks and safety cameras. This way, both you and tenants will be more at ease knowing you have an extra layer of security protecting the property.
5. Respecting your tenant’s privacy.
The state laws guarantee a tenant’s privacy and as a rental property owner, you must not impede this. If you’re planning a property inspection, you must provide your tenant with proper notice. The more considerate you are of their schedule, the more likely they will resign their lease at the end of their tenancy. If a tenant feels you are invading their privacy, they may even break their lease legally before the term is up, leaving you with less income and more marketing expenses to find a new resident.
6. Charging a reasonable rental price.
Before setting your rental price, you should conduct a rental price analysis of the local market. This will help you choose a good price based on the current market value. If you pick a price that is too low, you’ll miss out on maximizing your returns.
If you set a price that is too high, you will lose tenants to other rental properties. Set a price that is competitive, which will ensure you maximize your returns and fill your vacancies with tenants who will likely resign their lease.
7. Responding promptly to the tenant’s requests.
Tenants are far more likely to resign lease agreements if they have a landlord who responds to their maintenance requests promptly. No tenant who is left on their own dealing with plumbing and electrical issues will want to stay in your property. Determine timelines for emergency and non-emergency request responses with your tenant when they sign the lease agreement, and make sure you stick to them.
8. Fostering a good relationship with your tenant.
Tenants are far more likely to stay long-term in a property if they have a good relationship with their landlord. You should do your best to have good interactions and a respectful relationship with your tenant throughout the term of their tenancy. Communicate with them openly, and you increase your chances of having them resign their lease agreement.
9. Attending to maintenance and repair issues.
A common issue that will cause tenants to leave a rental property is an unresponsive landlord. It pays to be attentive, prompt, and considerate. Make sure you respond to their requests and questions in a timely matter so that you don’t have to remarket your property at the end of their agreement.
To keep attracting long-term tenants, you must provide them a rental unit that makes them feel safe and comfortable. When tenants are content, they’re more likely to stay longer in your rental property.