How To Attract and Keep The Best Long-Term Tenants

Finding great tenants can be difficult and when you find a good one, keeping them is even more important. Long-term tenants provide stability and predictability, reducing turnover costs and minimizing the amount of time that units are vacant and need to be advertised. Here are the best ways a landlord can get and keep long-term tenants:

1. Offer Competitive Rent:

Rent is a significant factor for tenants when choosing a property. Offering competitive rent that is in line with market rates will make your property more attractive to tenants.

2. Maintain the Property:

Keeping the property well-maintained and in good repair is essential to attracting and retaining long-term tenants. Regular upkeep, such as painting, cleaning, and fixing any damage, will help keep your units appealing and livable. Quickly repairing things the tenant has reported shows you care about them and tenants are more likely to stay where they have a connection with the landlord.

3. Foster a Positive Community:

Creating a sense of community and creating a welcoming environment can help retain tenants. This can be done through regular events, social gatherings, and community projects and even sending tenants updates of things going on in the area.

4. Offer Amenities:

Tenants are more likely to stay in a property longer if it offers desirable amenities, such as a swimming pool, fitness center, or landscaped grounds. They want their home to feel like a safe and relaxing area to live. Including benefits like a fitness center and pool can edge out the competition.

5. Respond Quickly to Maintenance Requests:

Responding quickly to maintenance requests and ensuring that repairs are made in a timely manner is important to show tenants you care about them and the property. Tenants are more likely to renew their leases if they feel that their needs and concerns are being addressed. Responsive landlords make tenants feel safe.

6. Provide Flexible Lease Terms:

Offering flexible lease terms, such as short-term or month-to-month leases, can make your property more appealing to tenants who are looking for more flexibility. If it's not feasible to offer month-to-month for a new tenant, consider adding that option to the end of the lease to keep that great tenant but also give you an out if that tenant should leave.

7. Be Transparent With The Property Rules:

Being transparent about the rules of that unit and communicating clearly with tenants can help build trust and reduce misunderstandings. Is there a noise curfew in that community? Are there police enforced parking rules? Is smoking allowed in the unit or pets? Be clear about the penalties that will be incurred for violations to those rules. Tenants can be understanding if they understand what the boundaries are in a clear and concise manner.

8. Offer Incentives:

Offering incentives, such as rent discounts, can encourage tenants to renew their leases and stay in your property for a longer period. Consider offering these incentives to good tenants four months before their lease expires so you can entice them to sign for another year before they start shopping around for new places.

These are all great ways to attract new tenants and to keep the good ones. For more information on how to manage your property and tenants, check out our blog page at www.BlueDoor-pm.com/blog, follow us on Facebook and reach out any time you’d like to discuss how Blue Door Residential Property Management can make a difference with your property management.