- 7 Easy Ways to Get Long-Term Tenants in Your Rental Property
7 Easy Ways to Get Long-Term Tenants in Your Rental Property
Finding the right tenants to move into your rental property can be a tall task of its own. But finding tenants who renew the lease year after year can be nearly impossible. After all, life changes through the years and they may either find a place to buy, move on to a new town or just be in the mood for a different scenery.
One thing is for sure, you can certainly offer the tenants some rental incentives to move in and stay longer. But if you’re strict on your mortgage payment and don’t have much wiggle room to reduce the rent or anything like that, the following seven options are your best bet.
1. Make Home Upgrades
Making home upgrades is one of the primary ways to keep tenants in your palace for longer. Now you don’t have to spend thousands of dollars on an upgrade like a kitchen or bathroom remodel, but slapping down some new paint, installing air-efficient windows and even upgrading the landscape can have a positive effect on your tenant’s mindset.
Making home upgrades, especially near the end of each lease can create a positive change in your tenant’s mind that makes them want to renew the lease. It also creates the effect of having a new place to live in since some things change for the better.
2. Install New Appliances
While there are ways to make your home’s appliances last longer, there comes a time when you can’t put off purchasing new appliances any longer. Installing new appliances helps both you and your tenants.
You’ll get new appliances that are far more energy efficient and give your home an updated feel. Your tenants get new appliances that work more efficiently and reduce the cost of the monthly electric bill, especially if you invest in energy-efficient appliances.
3. Bring in Professional Cleaners
While you always hope your tenants engage in deep cleaning to help your rental property’s interior features last longer, tenants typically don’t clean as well as the professionals.
Bringing in professional cleaners once or twice a year shows your tenants you want to help them keep the palace clean and makes certain features, like the carpets and fixtures, last much longer without going into disarray.
Of course, you’ll have to coordinate with your tenant’s schedule to ensure the cleaners are coming to the property on their time. Plus, it gives you a nice chance to conduct a property inspection to make sure everything is in working order.
4. Charge a Reasonable Monthly Rent
Housing costs keep going through the roof with no end in sight, which means you could probably get more money for your rental property each year. But is an extra $50 per month worth having to find new tenants, turn the rental property each year and potentially have a vacant home for a month or longer?
If your tenants are willing to pay an extra $10 to $15 per month every year, you may be able to get away with charging that much more. But if you try to increase rent any further and they decide it’s not worth the money, you could be out of much more money than that.
Even if you can get an extra $50 per month from someone else, it may not be worth going through the hassle of finding new tenants. After all, just one month of vacancy in the home would forfeit all of that year’s profits from the extra $50 per month, which equates to an extra $600 per year.
5. Respond to Maintenance Requests Quickly
Landlords are responsible for much of the maintenance in their rental properties, and taking to the tasks quickly can have an extremely positive impact on the way your tenants perceive you.
I once had a landlord who took an entire seven days to fix our broken air conditioning in the raging heat and humidity of the South Florida summer in July.
Needless to say, I didn’t renew my lease because I remembered how painful it was to come home to a 90-degree house that only cooled to about 85 degrees at night with all the windows open and fans churning.
6. Respect the Tenant’s Privacy
In many cases, state laws protect your tenant’s privacy, so you can’t just come barging in at any time to make repairs or anything else. That can be difficult to live by when you own a property, but you’ve got to trust your tenants to take care of the place.
If you invade their privacy by barging in unannounced or on very short notice, your tenants may not take too kindly to that and see it as a negative, eventually leading them to move out at the end of the lease.
7. Utilize Rental Incentives
Utilizing one or more rental incentives on your current tenants could help them perceive you as wanting to help them out, which could make them want to stay in your property longer. With digital innovations in payment methods over the years, not a lot of people pay by check anymore.
If you offer easier ways to pay, via one of the peer-to-peer payment methods or by using bank-to-bank pay, you’ll make it easier on them and they’ll likely remember that when it comes time to renew the lease.