If your goal is to earn a consistent rental income, you need to focus on attracting long-term renters. After you've attracted them with your property listing, you'll want to renew the lease. Long-term tenants, you’ll reduce your maintenance and repair costs and rest assured your rental space is being treated with care.
Our experienced property managers at Drew Doheny Property Management Team will share tips to encourage your tenants to renew their leases.
Welcome Your Renters Warmly
To start on the right foot with your tenants, practice courtesy when they move in. Greet them during the first day of move-in and give them a helpful orientation of the space and surrounding area. Since the renters are going through a period of adjustment, they’ll appreciate you extending a friendly welcome.
Some tips for being a friendly landlord include:
- Giving food or thoughtful welcome presents on move-in day.
- Providing information on popular local shops, restaurants and nearby transport hubs.
- Introducing the new renter to other tenants or neighbors in the vicinity.
- Showing renters how home systems and appliances in your rental home function.
- Providing renters with your contact information in case they need any form of assistance.
Even if these are simple gestures, they leave a good impression on your renters. A good landlord-tenant relationship can encourage renters to renew their lease and become long-term tenants.
Respect Your Renter’s Time and Privacy
As a landlord, respecting your renter’s privacy is essential. You can’t just barge in anytime you want to talk with your renter. You need to schedule your visits and give your tenants proper notice of any drop-ins. Familiarize yourself with local and state Landlord-Tenant laws to understand how much notice you need to give your tenants.
If a property inspection is needed or repairs are scheduled, let the tenant know first. A 24-48 hour notification period needs to be issued. This way, you’re showing respect for your tenants’ time and privacy.
It’s acceptable for landlords to enter the rental property when:
- Essential repairs are needed
- The rental unit is being upgraded or renovated
- The tenant has abandoned the rental property
- There are property showings scheduled
- Compliance is needed due to a court order
- Emergency situations happen
If renters are given privacy, they’re more likely to stay longer in your rental home and renew their lease.
Respond Quickly to Tenant Requests
Aside from being accommodating to the requests of your renters, avoid responding to tenants late. Empathize with your tenants and avoid inconveniencing them further. Resolve any problems with the rental unit as soon as possible.
Addressing repair and maintenance issues as soon as you’re made aware of them can also prevent issues for you down the line. If a tenant reports a growing mold issue, schedule mold remediation right away to reduce its negative impact on the property and the health of the resident.
If you aren’t proactive in your repairs, property damage can worsen. This leads to even more hefty expenses. What may start out as something minor and cheap to fix can end up costing you.
Addressing tenant concerns promptly will foster trust between you and your tenants. As you’ll be seen as reliable and accommodating, your tenants will be more motivated to renew their lease.
Consider Being More Flexible
If you’re flexible with renter’s requests, they might be more inclined to renew their lease. This might mean more leniency when it comes to issuing property policies.
If a renter seeks approval to bring in a pet, you can decide to be pet-friendly as long as conditions are met. Note that service animals do not count as pets under the Fair Housing Act. Another tenant might want to change the paint color of the property walls. You might allow it, as long as limits are imposed. Weigh the pros and cons, including whether a paint job is worth avoiding tenant turnover.
Some renters might also want to sublet, which you might allow as long as they submit a written request to you. Being flexible with policies helps encourage a long-term stay since tenants will feel more comfortable living in your unit.
Feeling safe is a basic need for everyone. Since your tenants will prioritize feeling safe in their home, you also need to prioritize their safety.
It pays to invest in security measures and systems that provide your renters with peace of mind. Review building safety codes and make sure to comply with the necessary measures. Invest in security cameras, smoke alarms and motion sensor lighting to offer more safety to your tenants.
Set Up an Online Rent Collection System
Even if you only collect rent once a month, it can still be inconvenient for the renter to meet you personally to pay. Establish other payment channels. Use online payment portals to save time and offer convenience. It also prompts renters to pay rent on the due date.
Paying online lets renters save time and skip going to the bank. It also helps landlords monitor payments easily by checking online statements.
Offer Deals for Lease Renewals
With a long-term renter, you can avoid the stress of filling property vacancies. You also save money on marketing, tenant screening and tenant turnover. Given the savings you gain, you can pass it on to tenants by offering rent discounts or free one-month rent payments.
You can also motivate a renter to renew their lease by renovating the rental unit or installing better amenities. Refraining from increasing the rent price is also worth considering. Always ensure that your rental space is habitable so your tenants are more motivated to stay.
Increase Rent Reasonably
While it’s understandable to increase the rent to keep up with other rising costs, you need to keep the change in price reasonable. If the increase in rent is too high, you might end up with a vacancy, which you always want to avoid. If the increase in rent is reasonable, renters will be motivated to renew the lease.
Remember that attracting great tenants takes time and involves a thorough tenant screening process. If you already have great tenants, we suggest keeping them as long as you can.
In a Nutshell: Long-Term Tenancies
To have loyal tenants, treat your renters fairly. Be polite and give them privacy. Meet the needs of your renters and maintain a livable rental space. Deliver convenience by offering various payment options. Be aware of your tenants’ needs and practice flexibility with policies. We also suggest prioritizing safety and addressing maintenance requests from tenants as soon as possible.
All these practices will help you retain quality tenants for longer periods of time, saving you time and energy on tenant turnover.
Still have questions about long-term tenancies or property management? Contact Drew Doheny Property Management Team today by dialing (912) 856-9065. We’ll be happy to answer any questions you might have and offer you a free rental analysis.