The private rental sector is praised as being one of the largest industries around the globe. As more people move into rental residences, these kinds of housing solutions become more likely to host long-term stays. A long-term tenancy is a win-win for both the landlord and tenants.
Tenants are on the lookout for a place they can call home, and landlords experience more benefits from renting to tenants who remain loyal to the property. This results in fewer tenant turnovers and a more consistent stream of income from the rent.
There are several techniques and tips that you, as a landlord, can incorporate to attract long-term tenants. Although one can never accurately predict how long a tenant will stay, certain factors maximize the chances of tenants extending their leases.
A Blank Canvas
Give your tenants a free hand and let them decorate the place according to their own taste. People who are looking for long-term deals will want to change the property into their home. To ensure that they get that cozy feeling of home, turn the rental into their blank canvas.
When landlords give tenants the freedom to decorate, there is a greater chance they will renew their lease. Make them feel like they are living in their own home instead of someone else’s. In turn, they will want to reside for longer.
Pay Attention to the Kitchen
Most individuals are very particular about the kitchen. Its appearance and practicality are considered as the primary factors when tenants are picking a place to move into. Therefore, make sure that your kitchen is up-to-date with the proper appliances.
Tenants are more likely to choose to live in a property that already has a dishwasher installed. Pre-installed laundry machines, as well as a refrigerator, are a bonus. If you can add even one of these appliances, you will make your house look like a more tempting, suitable choice.
Additionally, a kitchen renovation will also motivate your tenants to renew their contracts. For example, you could replace old kitchen tiles with modern ones. This improvement will instantly accentuate the entire presentation of the kitchen.
Robust Security Measures
A secure house is definitely more attractive, as safety is a crucial determining factor. No one would ever prefer to move into an unsafe property. Security is every tenant’s number one priority.
To make your property more secure, you must incorporate safety precautions. The property must have a proper fence, door locks and even security cameras. By ensuring that the surroundings of the rental are monitored 24/7, you are more likely to get long-term tenants, as such features of a home are greatly valued.
Always promise your tenants what you can actually deliver. For example, most landlords initially agree to take care of all renovations. However, after securing tenants, they take a U-turn on their agreement. This leaves a negative impact on tenants who may not want to stay under a landlord who does not keep promises.
The same goes for tenants, for example, if they decide not to pay the rent on the date agreed, leaving you agitated. If you under-deliver, don’t expect your clients to stick around for long.
Excellent Tenant Support
Just like customer support is an integral part of every business, extending support services to tenants is crucial as well. If you want long-term tenants, always ensure that you address their concerns promptly.
This will help you foster a trustworthy relationship with your tenants, which in turn can maximize the chances of tenants staying for longer. You can discuss timelines for urgent requests while signing the lease, so both you and your tenants are on the same page.
Make sure that your property is clean and tidy. Professional cleaners can be hired once or twice a year to leave the house squeaky clean. Not only will this get rid of any infestations, but it will also give your property a fresh look. Tenants are more likely to stay in a house whose owner is concerned about its cleanliness as much as they are.
No one likes people poking into their personal affairs for no reason. While you own the property, you must distance yourself once your tenants move in. Most landlords fail to understand this.
Showing up unannounced at the property, for example, might be intrusive to tenants. Therefore, schedule every visit, if you can. The rental unit is their personal space. If you need to inspect the property, properly schedule an appointment.
Just like you wouldn’t appreciate unannounced visits, your tenants won’t either. Hence, if you want long-term tenants, avoid invading their privacy.
The more comfort you offer in your rental, the greater are the chances of your tenants sticking for longer. Add in-unit washing and drying machines so that tenants don’t have to worry about their laundry.
Have the system installed beforehand so that no problems occur later on. Although it may be an extra expense, it will definitely reap long-term benefits.
The Right Price
Most individuals avoid renting overly expensive places. Always conduct a market survey first to make sure that the rent you’re charging is not too high or too low. With the rental sector gaining momentum, it’s not difficult to find a rental property these days. Therefore, to ensure that you don’t lose prospective clients to others, offer a reasonable price to your tenants.
As a landlord, you can implement certain measures to make sure that your tenants stay long-term. This can only happen if you effectively listen and address your tenants’ concerns. By understanding their needs and requirements, you can develop trustworthy relationships with them. In turn, this increases the chances of tenants renewing their lease agreements.
You must provide a safe, clean, comfortable and homely rental unit that your tenants will cherish. A tenant who can call the rental their home is more likely to stay, after all.