Ideas to Attract and Retain Long-Term Tenants

Looking for the right tenants and retaining them can have a lasting financial impact on you and your investment property. As a landlord, your goal should be to have long-term tenants because they are more likely to pay their rent on time and not cause property damage. Finding tenants who call your rental their home and maintain the value of your investment property are an asset in themselves. The reality of the rental business is that tenants come and go, whether for work, family, or an insatiable wanderlust addiction; the fact remains that they will leave at some point. 

You may have learned the hard way, or heard enough horror stories to know that not all tenants are alike. So what if you’ve finally found the perfect tenants to rent your home after an exhausting screening process? How would you ensure that they stay in your property for a long term and keep renewing their lease, without getting you bothered over frequent turnovers? If this question has ever been on your mind, we have got you covered. It is possible to attract and retain long-term tenants and we are here to show you how! 

Here are some sure-shot suggestions to assist you in converting those short-term tenants to long-term residents.

Setting Your Rental Price Just Below The Market Value

No matter how crazy it sounds, listing your property at a fraction of its market value has its own advantages:

  • It increases the appeal of your home to renters. 
  • It attracts high calibre renters.

If you want tenants who are looking for a home and not just a place to stay, it is worth researching comparable properties and lowering your asking price by 2 to 3 %. Setting the rent slightly below market value attracts serious contenders to your inspections. It may be tempting to up the rent by a notch to attract a more ‘elite’ crowd, but you will only get applications from unreliable and desperate tenants who have been turned down elsewhere.

Spick-and-span property

Before you rent your property, double-check that all repairs have been completed as highly maintained properties ensure high rental yield. You should be punctual with property maintenance requests and conduct regular inspections to ensure everything is in order or ask your property manager to do the same. Avoid anything that causes inconvenience to tenants. Make sure your property stays clean and attractive always. Tenants are more likely to stay for a long term if they believe that you are taking good care of the rental property by enhancing its condition. It also encourages your tenants to contribute to the unit’s upkeep.

Ensuring a proper channel for communication

You need to understand the significance of communication. If your tenants need to contact you or your property manager, make sure they know how to do so. When they send you a question or a request, make it a point to react promptly and courteously. An acknowledgement text, a phone call, or even an email will suffice. They simply want to know that they are being heard and something is being done to address their concerns.

Providing a complete package

To acquire tenants faster and retain them, your property should have the features that set it apart from other rentals and is appealing to tenants. Ample parking area, outdoor spaces, and close vicinity to all basic daily needs are among the most desired features. Tenants place a higher value on newer or well-maintained fixtures, appliances, and flooring. You need not worry about expenses as high rentals and eliminating property vacancy will pay for the rental renovations and improvements. Moreover, at the end of the day, you are beautifying your own asset!

Respecting their Privacy

Renters are entitled to quiet, comfort, and privacy under tenancy laws. As a result, unless absolutely necessary, refrain from invading your tenants’ privacy.

Nurturing Healthy Relationships

Maintaining long-term tenants takes more than just collecting rent and doing annual inspections. Send them a small gift for Christmas or any other special occasion. You don’t have to go overboard; something as basic as movie tickets would do. It’s a simple yet effective technique of demonstrating that they’re more than just a source of revenue. This would increase tenant loyalty while also ensuring long-term bondings/family relations.

Being considerate of their needs

In order to feel at ease, some tenants may choose to make modifications to your property, such as decorating interiors or planting a small garden. These are the types of tenants who are in it for the long haul as they are ready to put in a little time and effort into the property. 

Another popular request that you should consider granting is pets. Because it takes a long time to discover rental places that allow pets, pet owners prefer to rent long-term. It is very stressful even for a pet to constantly relocate and adjust to new environments. Furthermore, pet owners would be responsible renters because if they can look after a pet, they can probably look after a rental property too.

Safeguarding their Security

As a landlord, you should prioritise the safety of your tenants. Create a safe space for them by investing in security cameras and solid locks and doors to prevent break-ins. Also, before welcoming new tenants, make sure to change the door locks.

Reasonable Rental Hike

Although most tenants recognize that rental costs are subject to vary, this does not give you a leeway to raise your rent significantly all the time. You can consult an efficient property manager to determine the rent increase. In general, a rent increase of 2% to 3% per year is considered appropriate, but that might be troublesome to a few tenants. In this case, you may balance the rent increase by signing a longer lease, which would keep the tenant’s biweekly payments the same and prevent you from losing money on a suddenly vacated property and in–return get a reliable, long-lasting tenant.

Concluding Remarks

For all landlords looking for stable, reliable and long-term tenants, these simple tips would guarantee maximum returns on your investment. No matter how time-consuming it seems, there’s nothing to be worried about. You can simply hire a property manager who will do this for you. A professional in this domain will ensure that your rental property is at its best and has happy tenants, who are more likely to renew their lease. This is a win-win situation as you won’t have to scramble to find new tenants for your house every now and then. So if you are planning to attract long-term tenants, you know how to reach us!