Having a rental property can be a great financial investment. But it’s important to have a good tenant. Find out 5 tips to attract long term tenants.
5 Tips to Attract Long Term Tenants
While attracting tenants to your rental property is challenging, keeping them there is a whole other story. As a landlord, you may be wondering how you can minimize tenant turnover and ensure they become long-term tenants. Not only does this provide you with a steady income month-to-month, but it also prevents you from having to look for tenants all over again. That’s what we call a win-win. So, keep reading for five tips to help you attract and retain long-term tenants.
1. Respond Quickly
When a tenant fills out a maintenance request, sends you an email, or calls you, it’s important to get back to them as soon as you can. You don’t want tenants to think you don’t care about them or not managing their properties. So, if they contact you, respond in a timely manner instead of taking days or even weeks to answer.
If you live a busy life outside of your landlord duties, dedicate some time every day or week to respond to any messages you’ve received from tenants. This also means following up to make sure that their questions, concerns, or requests were cleared up.
If you absolutely don’t have the time to be there for your tenants, it’s a good idea to hire a property manager. Property managers are dedicated professionals that’ll respond to tenants, schedule home maintenance requests, and more.
However, take your time selecting a reliable property manager, as you don’t want them to be disrespectful to you or your tenants. When looking for a property manager, read their reviews and meet with them one-on-one to get a feel for who they are.
2. Ensure They’re the Right Fit
The key to having long-term tenants is to ensure that they’re the right fit before you let them move in. One way you can do this is to run a background screening on all applicants and check eviction history. Applicants that have had an eviction in the past may be more likely to move out of your property. It also raises a few red flags about whether they’ll be able to afford rent on a monthly basis.
If conducting a background screening, make sure to comply with all regulations outlined by the Fair Housing Act. This act specifically protects individuals from unfair and discriminatory practices that may prevent them from renting an apartment or home. Making a decision based on an applicant’s race, religion, sex, disability, skin color, nationality, and familial status is against the law.
3. Offer Lease Renewal Incentives
Attract long-term tenants by offering lease renewal incentives, such as lower monthly rent payments, a parking garage, or discounted utilities. You can also try to get them to stay by offering a free carpet cleaning or new appliances.
Ultimately, it depends on your budget. While this may reduce your income a bit, you won’t have to worry about marketing your property or wasting resources to find another tenant.
4. Prioritize Safety
Tenants want to feel safe in your property, so consider providing a few safety amenities and features. This includes outdoor video surveillance, doorbell cameras, and security locks.
If you’re a landlord of an apartment complex, you can also put up a gate around your community to ensure the personal belongings and cars of your tenants are protected. An unsafe property can cause your turnover to skyrocket, making it difficult to secure long-term tenants.
5. Respect Their Privacy
As much as you may want to know what your tenants are up to, it’s crucial to respect their privacy. After all, you don’t want tenants to feel uncomfortable in your property. That said, you’re obligated by law to provide notice before entering the rental unit. Give them enough time to prepare and enter only when they give you the green light. Tenants that feel uncomfortable at the property may not renew their lease.
Having long-term tenants ensures that your rental property is taken care of. If you’ve been struggling to keep your tenants, don’t hesitate to use the tips above. Good luck!