Tenant turnover can be stressful for almost any landlord. It brings extra tasks to complete, from repairs and cleaning to advertising and tenant screening. Vacant units mean lower income, additional expenses, and other property-related hassle.
Encouraging your current tenants to stay in your rental for longer is what saves you from going through the move-in process all over again. You're probably aware of how much effort and time it takes.
These four easy tips are worth considering if you're tired of constant tenant turnaround.
1. Maintain a good tenant-landlord relationship.
It's no secret that communication is the key to maintaining a healthy tenant-landlord relationship. Clear communication prevents misunderstandings that can happen between a landlord and tenants during a period of tenancy.
Being kind and approachable is essential to keep your best tenants from leaving. Such friendly gestures as sending greeting cards or leaving flowers or sweets before the move-in improves tenant satisfaction in the long run.
All in all, a non-communication strategy leads nowhere while an effective conversation can resolve almost any conflict.
2. Take advantage of technology.
Never underestimate the power of digital solutions. We bet you're already using a property management system that makes your rental business easier. Property management software is beneficial for your tenants, as it optimizes the overall process of signing lease agreements, paying rent, and submitting maintenance requests.
Tech-savvy Millennials and Gen Zers are the ones who won't stand for paper rental agreements and paper checks. The more digital options you offer, the longer your younger renters are likely to stay.
3. Become a maintenance guru.
Be proactive with home repairs. If a tenant reaches out with an urgent maintenance issue, try to get back to them quickly. You will not only demonstrate your professional commitment, but also retain a good tenant. Hire a service professional to fix the problem if you're not sure you can do it yourself. Service pros are likely to resolve the issue faster and provide you with a guarantee. The last thing you want is to lose a tenant because of a leaky drain pipe in the kitchen.
Provide your existing tenants with new appliances, if needed. The appliance replacement might seem costly at first, but it'll eventually pay off.
If a tenant doesn't feel comfortable in a unit, consider minor renovations and rental improvements. Replacing old linoleum or painting the walls in a fresh color is a good solution to make the rental look better and help your tenants feel at home.
4. Know what tenants look for.
Analyze what your potential tenants expect to see in a rental. Some renters would love to have a parking spot next to their rental, so see if it's possible to offer them parking facilities, like parking lots and garages.
Allowing pets in a rental is another verified way to retain tenants for longer. For many renters, a flexible pet policy is a deciding factor. It's no surprise, since almost 60% of renters have a pet.
A good infrastructure and safe neighborhood are also among tenants' most common requirements.
Either way, try to put yourself in your tenants' shoes and consider what would influence you to renew your lease and stay with your current landlord for longer.
What else would you recommend to encourage tenants to stay in your rental properties? Share your ideas and thoughts by leaving comments below. We'd love to hear what you think. :)