Over one in five households who rent in the United States move every year. That's tough for renters, but it's also tricky for landlords.
As a landlord, attracting long-term tenants can be beneficial for both you and your tenants. Long-term tenants provide stability and predictability in terms of rental income, and they also help reduce the turnover rate, which can save you time and money.
So, how do you keep renters in your properties for the long term? We can help. Here are the top things you can do to attract long-term tenants.
1. Maintain the Property
Keeping the property in good condition and ensuring that any necessary repairs are made promptly can help attract long-term tenants. A well-maintained property shows that you care about your tenants' living conditions and are willing to invest in the property.
Conduct regular inspections of the property so that you'll find any maintenance issues or potential hazards. This can help you address problems before they become more significant and potentially costly.
2. Offer Competitive Rent
Research the rental market in your area to determine a fair and competitive rental rate. Offering a reasonable rent rate will attract tenants who are looking for good value and are more likely to stay long-term.
3. Communicate Clearly
Clear communication is essential when it comes to building a good landlord-tenant relationship. Be clear about the rental agreement, including the lease term, rent payment schedule, and any other expectations you have for your tenants. Respond promptly to any questions or concerns your tenants may have.
Be transparent about your policies and procedures, including rent increases, lease renewals, and maintenance schedules. This can help prevent misunderstandings and build trust with your tenants.
4. Provide Amenities
Offering amenities can be a great way to attract long-term tenants. Providing on-site laundry facilities can be a major convenience for tenants, particularly those who do not have access to a washer and dryer in their unit.
A fitness center or gym can be a great amenity for tenants who want to stay active without leaving the property. If parking is limited in your area, providing on-site parking or a designated parking spot for each tenant can be a valuable amenity.
Ensuring the property has adequate security features, such as cameras, locked entryways, or security guards, can help tenants feel safe and secure in their homes.
5. Be a Good Landlord
Being a good landlord can go a long way in attracting and retaining long-term tenants. Be responsive to maintenance requests, treat tenants with respect, and consider their feedback when making decisions about the property.
Be aware of the legal requirements for renting out property in your area, including fair housing laws, landlord-tenant laws, and health and safety regulations. These differ state by state, so ensure that you do your research.
Creating a positive landlord-tenant relationship can help encourage tenants to stay for the long term.
Bring in Long-term Tenants today
It's not as tricky as you think to get long-term tenants into your properties. It just takes a little elbow grease!
Do you need more property management help in Memphis? Contact Home River Group today.