The beauty of having long-term tenants is being spared from additional expenses. Frequent turnovers mean periods of vacancies as you market the freshly vacated rental unit.
When you have an unoccupied rental space, you’ll also be parting with your financial reserves for maintenance bills. Along with that come marketing costs.
Aside from monetary spending, a landlord is also required to have wider pockets of time to conduct tenant screenings. Thus, it makes more sense to focus on gathering long-term tenants. Here are ways to inspire renters to stay loyally committed to your rental property:
The Power of Incentives
Incentives can be a strong driver of human behavior. If you know why a tenant is staying in your unit, then you have the power to meet that need. Most tenants enjoy living in properties where improvements are consistently made. Here are a few ideas to encourage your renters to renew their leases:
Modern Appliances
Splurging on modern conveniences, such as upgraded appliances, can have a positive effect. New units are more energy-efficient and result in lowering utility bills. This is attractive to a tenant and makes your rental property look sleek and stylish. It will also justify an increased rental rate.
Smart Technology
The current trend is the interconnectivity of technology and physical devices. This is termed the 'Internet of Things'. While it requires a round of investment, having a younger target market can make this an effective incentive. They will likely be impressed by living in a home that uses smart technology.
Elegant Flooring
When your rental property has been operating for a long time, your flooring can get worn out. It will naturally bear scuffed marks, scratches and cracks.
Deciding on flooring upgrades depends on your budget. However, it will lead to more comfortable living and easy maintenance for renters.
Replace Carpets and Faucets and Lighting
Upgrading your rental space need not entail shocking financial figures. You can just as easily focus on the little things that can make a huge difference.
If the carpet is heavily stained and makes the space appear dingy, then replace it. You can also improve your faucet finish and lighting fixtures for better ambiance.
A Flexible Pet Policy
It’s no secret that pet ownership has increased every year. In fact, results from market research by Packaged Facts has revealed that 54% of US households carry a minimum of one pet.
It’s also projected to grow more by an estimated 4% in the coming years. If you’re a landlord, this is a statistic to keep in mind.
Here are some of the ways to allow a flexible pet policy in your rental property:
Pet Rent
Since pets can cause potential damages in your rental space, collecting pet rent is good practice. This can increase your property income. You’ll also have an extra resource to dip into to pay for destroyed items caused by a pet.
Cleaning Deposit
To maintain the value of your home and its pristine condition, you can also ask for a cleaning deposit from a pet owner. If the tenant finds the one-time payment costing a lot, you can always arrange an installment plan. This way, you’ll maintain the state of your rental home, and the renter can budget accordingly.
Renter’s Insurance
Part of the landlord’s fear when it comes to being pet-friendly is the injuries a pet can cause to others.
To counter this issue, as the property owner, you can require the tenant to have renter’s insurance. This would limit your liability, especially in terms of medical expenses.
A Focus on Remedies
Being a perfect rental home to your tenants requires being attuned to the livability issues. Find effective solutions to the common complaints renters have. When you succeed in this aspect, your tenants will be happier and likely to stay longer.
Outdoor Lighting
Be conscious if a bright, external light illuminates your property. The occupants may experience trouble sleeping at night. Though the outside lamp is an added security feature, it can also be distracting.
To counter this, you can add quality blackout blinds. Alternatively, you can also furnish the unit with heavier black drapes or curtains.
Exterior Noise
If your property is located near the roadside, there can be plenty of traffic noise and street sounds coming in. Renters may find it intruding on their peace and quiet. It may also disturb their sleeping. You can remedy this by installing soundproofed walls and sealing gaps to limit the noise outside.
Interior Noise
Another situation your tenants can face is noises created by HVAC systems. One may hear the rattle of old pipes or humming of equipment. You can contact a professional to reduce the sound or replace units for a quieter model version. As for pipe noise, you can ask a plumber to check and find a remedy.
Provide a Blank Canvas
Long-term tenants want to exercise more autonomy by adding their personal taste to the look of the rental unit.
Since you want to encourage them to feel at home, it’s best to have a flexible stance regarding decorating. Here are some suggestions you can apply:
Repainting Interiors
If your rental unit displays neutral shades and a renter wants to change it, you can allow a conditional clause. You can ask the tenant to have the job performed by a professional.
Another stipulation would be that the tenant shoulders the additional cost. If these two conditions are satisfied, then it can be reasonable to grant the request.
Allowing Decor Changes
You can be more flexible, depending on the type of décor. Putting up hooks before tenant move-in to make frames easier to put up is a good idea. Having built-in storage spaces also means a tenant does not have to lug heavy furniture that can accidentally damage the flooring.
The Bottom Line
A successful landlord thinks up ways to create win-win situations. This leads to better relationships with tenants. Thus, tenants will be more likely stay as long-term renters, which is great both for your bottom line and your peace of mind.