It’s hard to say goodbye to tenants who take care of your property and consistently pay rent on time. They make your rental property business worry-free, and you want them to be your tenants for the long term.
You cannot underestimate the importance of retaining good tenants. Losing a good tenant means losing valuable rental income. You have to spend effort, time, and money to prepare the unit, do some advertising, and supervise property showings (again!). Then, there's the tenant screening and the uncertainty of what the new tenant will be like.
The question you’re probably asking right now: how to keep best tenants from moving out of your rental property? We’ll try to answer that question in this blog post.
Know the amenities most tenants want in a rental property and provide them. So they feel that they have all they need in your property. The art of being a landlord is letting your tenants experience your property as if it’s their own.
Nowadays, tenants put much importance on aesthetics and how they can have a quality lifestyle. You can upgrade your property to include a lovely outdoor space or open floor plans. Your property will also look attractive if you fit it with hardwood flooring or new appliances.
If your property is near a university, your tenants will most likely be students or professors. Add a quiet study room or sturdy shelves along the walls. Also, ensure that your tenants can access high-speed internet on your property which they now call home.
There should be a regular inspection to check issues in your rental property. When your tenants request for maintenance, be sure to address them promptly. One of the biggest frustrations of tenants towards their landlords is delayed response or no action to their maintenance concerns.
Show your tenants that you’re trying to provide them a comfortable place to live. Make them feel that they matter and be sincere about it. Even in a minor maintenance request, you should take action and solve the issue right away. Such actions can help you retain tenants to live in your property longer.
Addressing maintenance concerns doesn’t only benefit your tenants but yourself as well. It enables you to identify minor property issues before they become big and expensive.
As a landlord, you’re obliged by law to treat your tenants fairly. You should not show bias because of race, sexual orientation, religion, family status, or mental or physical capacity. Never charge a higher rent than another tenant or show favoritism because this attitude can have legal consequences.
When it comes to household rules, you should make sure that it’s fair and clear. The household policy must be put in writing and applied to all your tenants. There should be no ambiguity as to the consequences of breaking these rules. Lastly, craft a household policy that promotes the good and safety of your tenants.
Be proactive when it comes to renewing leases with your tenants. Kindly ask them 30 days before the expiration of their lease if they want to renew. When you notify them early, they will consider their plans beforehand and may increase their interest in renewing their lease.
Giving early notice of lease renewals can also establish better communication with your tenants. This way, they can open up about what it’s like to live in your property and what they want as tenants.
Maybe, your tenants want to have some upgrades in their unit. Or perhaps they want you to keep the rent lower in exchange for renewing their lease. If it’s convenient to you, you can offer a deal to encourage them to stay longer in your rental property.
Establishing a harmonious landlord-tenant relationship isn't a one-way street. You can’t expect your tenants to be friendly with you if you’re hostile to them. As a landlord, you need to be amicable, cooperative, respectful, and understanding to your tenants.
Being good to your tenants also helps establish your reputation as a landlord. Keep the property in mint condition and stay on top of maintenance issues consistently. When you’re performing maintenance, make sure that it doesn’t disturb the peace and quiet of your tenants. Be courteous with them when you’re issuing maintenance or rental payment notices.
Now you know the things that can encourage your best tenants to stay longer in your property. Increasing retention can contribute to your reputation as a landlord and keep your rental income consistent. So, make sure to follow the tips we have discussed in this blog post to keep your tenants in your investment property.