After you’ve attracted a tenant to your rental property (perhaps through your online listing with Apartments.com), you may be wondering how to keep them long term. As a landlord, it’s no secret that keeping your rental occupied will keep your rental income flowing steadily. But having and keeping a good tenant brings more benefits than just reliable rent payments. Long-term tenants tend to also keep the rental in good shape throughout their lease because they treat it as their home.
From moving in to living in harmony, here’s how you can inspire long-term rental relationships with tenants and reduce tenant turnover.
1. Offer New Tenants a Warm Welcome
If you want to start off on the right foot with your new tenant(s), try offering a small welcome gift or a few local recommendations if they’re new to the area. You could include items such as baked goods, cleaning supplies, your written recommendations for local restaurants, bars, shops, etc., or a coupon or gift card to your favorite spot in town.
Include your contact information on a card in the gift to establish yourself as a friendly, easy-to-reach landlord.
2. Be Responsive with Tenants
It’s important to ensure your residents have your contact information and feel comfortable reaching out to you for rental related requests or issues. Responding to tenants’ requests in a respectful, timely manner will strengthen the landlord-tenant relationship.
3. Promptly Attend to Maintenance and Repair Issues
If tenants feel comfortable contacting you, it will increase the likelihood of them reporting any maintenance requests to you, which will keep any issues from becoming larger problems. Once a tenant submits a maintenance request, handle it in a timely manner. Be sure to inform your tenant the timeframe in which they can expect the issue to be fixed and give them proper notice before entering the property or having a maintenance professional enter the property.
4. Respect Tenants’ Privacy
Giving tenants proper notice before entering the property is not only a legal obligation (check your state laws), but a common courtesy as a landlord. Although it’s your property, it’s in your best interest not to check up on the rental unannounced. This could make a tenant feel uncomfortable and negatively affect the landlord-tenant relationship. If a tenant doesn’t feel that you are giving them the required privacy, they may not choose to renew their lease.
However, routine property inspections are still standard and necessary. Just be sure to give your tenant proper notice before you enter the property to make any repairs.
5. Be Flexible with Rental Policies
Tenants appreciate a landlord being flexible with rental policies, especially when it comes to things such as painting the unit or having pets. Prohibiting things such as this could make a tenant want to move after their lease is up to find somewhere they can feel more at home. Allowing pets will not only increase your pool of renters, but it will also show your tenants with pets that you’re willing to alter your policies to make them happy and feel at home in your rental property. Keep in mind that if you choose to change your policy and allow pets in your rental, you can still enforce breed restrictions and other regulations, as well as charge a pet fee, pet deposit, or pet rent; so, there are benefits to being flexible.
6. Consider Safety Features and Amenities
Many would say that safety is one of the most important aspects when looking for a home. Consider adding safety features and amenities to make tenants feel safe and at home in your rental. Whether you choose to install a security system, outdoor security cameras, or additional security locks, both you and your tenants will be more at ease when it comes to safety concerns.
7. Offer a Reasonable Yearly Rent Increase
Your yearly rent increase should be competitive, meaning that it coincides with market changes in your area, but that doesn’t mean that the increase should be above average. A large rent increase is a major reason why tenants choose to move out of their rental and find a new home. Tenants are more likely to renew their lease if the rent increase is a fair percentage and if there aren’t any other significant changes to the lease agreement.
8. Collect Rent and Other Payments Online
Collecting rent by check can still be an option, but it’s recommended to collect rent and other payments online as well to make things more flexible for residents. Accepting that technology is a friend, not a foe, is a great step towards becoming a flexible landlord. You can even take it a step further and accept maintenance requests online as well, and with the help of Apartments.com Rental Tools, you can do both.
9. Offer Incentives
If you’re worried about a good tenant not renewing their lease, consider offering incentives to make them stay. For instance, if you offer one month of free rent, your tenant may be convinced to stay due to the excitement of getting a rent discount. Although this may seem like a hit to your rental income, keeping a tenant long term is more financially beneficial in the long run. Renewing the lease with your tenant will prevent you from having a vacant unit between tenants, as well as the maintenance and upkeep costs of having a vacant unit.
If free rent isn’t something you can offer, consider hiring a professional cleaning service to get the unit looking spick and span at no cost to your tenant. This may incentivize them to renew their lease. After all, who doesn’t love a clean home?
Managing Your Rental Property and Landlord-Tenant Relationship
While it’s important to perform routine maintenance tasks and keep your investment in tip-top shape, it’s equally important to stay on good terms with your tenant(s). Tenants who have a positive relationship with their landlord are more likely to renew their lease, saving you time and effort finding a new tenant and maintaining a vacant unit. Remember that showing respect for your rental and your tenant is the best way to build a long-term rental relationship. Start with a warm welcome and go from there.
