Having tenants in the rental units is the dream of every landlord. This means being able to get a regular income from the rent payments. To ensure a steady stream of income, however, you need to reduce tenant turnover and vacancy periods. The best way to achieve this is by handling long-term tenants.
So, how can landlords attract long-term tenants? Keyrenter St. Charles Property Management features some of the methods you, as a landlord, need to apply to secure such a tenant.
Offer New Tenants a Warm Welcome
Landlords should not underestimate the effect of greeting their new renters. If you want to get your landlord-tenant relationship off to a good start, welcoming them to the property or providing a few local recommendations, if they’re new to the region, always helps.
To show that you’re an approachable landlord, provide them with your contact information again and remind them that you’re available if they have questions.
Be Responsive to Tenant
The landlord’s or agent’s contact information should be available to tenants. What’s more, the landlord-tenant connection will be strengthened if you respond to renters’ demands in a respectful and timely manner. This makes it easier to keep the tenant for the long run.
Furthermore, being timely is necessary to ensure that your tenants feel safe approaching you with rental-related requests or difficulties. Tenants are more willing to renew their lease when they feel like they can rely on their landlord to respond to their requests.
Maintain the Property Well
As a landlord, you have a responsibility to keep the rental habitable and to respond to tenants’ maintenance requests. What’s more, regularly scheduled property inspections and maintenance will help to prevent minor faults from becoming major difficulties. This means that landlords who take proactive measures to prevent problems before they arise save money and win respect from their tenants.
Once a renter has submitted a maintenance request, respond promptly. Before accessing the property or having a maintenance expert enter the property, make sure to advise your renter of the period in which they can expect the issue to be resolved and give them adequate notice.
Provide Incentives
This can be a fantastic strategy to keep tenants around for longer. Offering a free month of rent each year, for example, is a great incentive that can persuade a tenant to stay longer because everyone loves a bargain.
While this may appear to be a loss to you, keeping a tenant for the long term is actually more advantageous because it reduces the upkeep costs of having a vacant unit. If free rent isn’t an option for you, consider hiring a professional cleaning agency to clean the tenant’s facilities for no charge every once in a while or offer a small property upgrade.
When offering an incentive, look at what you can afford and what your tenants want/ need. And always be sure that you’re following the Fair Housing Laws so that tenants are all being treated equally.
Consider Safety Features and Amenities
Tenants pay landlords to guarantee that their rented spaces are safe, among other things. Many people see safety to be one of the most important considerations when purchasing and/ or renting a property. Whether you install a security system, outdoor security cameras, or more security locks, your tenants will appreciate the effort and consider renewing their lease.
Be Flexible with Rental Policies
Tenants appreciate landlords who are willing to be flexible with rental restrictions, particularly when things like painting the unit or allowing pets. Prohibiting things like this may encourage a renter to move once their lease expires in order to find a place that they can make their own.
Keep in mind that whenever you decide to amend policies within the lease agreement you need to give the tenants notice. You also want to make sure that you clearly outline the new rules. For example, if you’re allowing pets, how many pets and what size? Or if you’re considering allowing a tenant to paint their units, which areas of the rental can be painted, and what colors are acceptable.
Provide a Reasonable Rent Increase Each Year
Your annual rent increase should be competitive. A big increase is a common motivation for tenants to leave their rental. If the rent increase is reasonable and there are no other significant modifications to the lease agreement, tenants are more likely to renew their lease.
Respect the Tenants’ Privacy
Every tenant in the United States has the right to enjoy their rented space in peace. This is known as the right to quiet enjoyment. A landlord can only enter the rented property after serving a 24 to 48-hour notice. The notice must be written, and the cause for the entrance must be stated.
The following are some of the most common grounds for landlord entry:
- To carry out necessary or required repairs
- To improve the property’s condition
- If there are reasonable grounds to assume the tenant has abandoned the unit
- To show the apartment to potential renters, lenders, or buyers
- As a result of a court order
- In the event of an emergency
Unless there is an emergency or the renter has abandoned the property, you must provide the tenant with notice.
Conclusion
Tenants that have a good and warm relationship with their landlord are more likely to renew their lease, which saves you time and effort in finding a new renter. But if the recommendations in this piece seem daunting to implement contact a property management company today!
At Keyrenter St. Charles Property Management, our property management services are tailored to fit our clients’ needs. Our team of highly skilled property managers places great emphasis on customer care and cultivates long-term connections with tenants. Get in touch with us and receive a quote for our property management services!