As a landlord, finding good tenants can be a challenge. But once you’ve found great tenants, keeping them for the long-term is equally important. Long-term tenants provide stability, consistent rent payments, and reduced vacancy rates. A happy tenant is a long-lasting tenant – one more inclined to renew their lease. Which is a win for you since you won’t have to scramble to fill your property with new renters.
Here are five things to consider for keeping long-term tenants in your rental property:
1. Maintain the Property:
One of the best ways to keep tenants happy and willing to renew their lease is to maintain the property in good condition. Respond promptly to repair requests and conduct regular maintenance checks to identify any potential problems before they become major issues. Keeping the property in good condition shows that you care about the tenant’s comfort and well-being and can help them feel at home.
2. Offer Lease Renewal Incentives:
Offering incentives for tenants to renew their lease can help keep them around for the long-term. For example, you could offer a rent discount or a gift card to a local restaurant or business as a thank you for renewing their lease. This shows tenants that you value their tenancy and can encourage them to stay in the property.
3. Respond to Communication:
Good communication is key to keeping long-term tenants. Respond promptly to phone calls, emails, and repair requests. Make sure that you’re available to answer any questions or concerns that the tenant may have. By being responsive and showing that you care about their needs, you can build a positive relationship with your tenants and encourage them to stay.
4. Be Flexible:
Flexibility can also be key to keeping long-term tenants. Consider making reasonable accommodations to meet the tenant’s needs, such as allowing a pet or allowing a tenant to paint a room. Of course, any changes should be in line with the terms of the lease agreement, but being flexible and willing to work with tenants can help them feel valued and at home.
5. Rent Increases:
When it comes to rent increases, it’s important to be fair and transparent. Be clear about your reasons for the increase and give the tenant ample notice before the new rent takes effect. Consider offering a smaller increase to long-term tenants as a way of thanking them for their loyalty. Additionally, if there are local laws that limit rent increases, make sure you’re complying with them.
To obtain more info regarding finding the best investment property or a suitable development site for your specific needs and goals, arrange a free strategy session with our buyer’s advocate.
A strategy session includes the following:
- Assessment of your current situation
- Discover property investment strategy options
- Recommendations related to the right property investment strategy for your specific situation
- Confirm next steps
Call 0411 70 3682 or email to arrange a discussion.