The average renter stays in a rental for about 27 months. That's a pretty long time, but if you have good tenants, you may want them to stay even longer. After all, vacancies can be tough to fill, and not all tenants are great.
What can you do with your landlord duties and leasing management to encourage tenants to stick around for as long as possible? Let's talk about it. Read on to learn more.
Focus on Tenant Communication
Effective communication is the foundation of a positive landlord-tenant relationship. You don't need to communicate often, but you need to be open and responsive.
Being responsive and approachable makes tenants feel valued and respected. When tenants have questions, concerns, or maintenance requests, respond as soon as you can and try to keep it professional This not only helps address their needs but also encourages trust.
If a tenant doesn't feel as though you're listening to them, they will find another place to live.
Keep Up With Maintenance
Proper rental property maintenance goes a long way when it comes to tenant satisfaction and retention.
Inspect the property often for any issues and address them as soon as you're able. Maintain the most important things, like plumbing, heating, and electrical systems, as well as cosmetic details such as paint and landscaping. A well-maintained property keeps your tenants comfortable and demonstrates your commitment to providing a quality home.
Remember, it's an investment to you, but it's a home for your tenants. A property in disrepair won't get a lease renewal, at least not from good tenants who could easily live elsewhere.
Keep Rent Fair and Competitive
This one may be controversial, but it's one of the best tenant incentives. One of the top reasons that renters move is because they can't afford the rent.
Keeping rent reasonable and competitive with the local market is essential for retaining great tenants. Excessive rent increases can lead to turnover as tenants may seek more affordable alternatives. If you need to raise the rent, be transparent with your tenants and provide advance notice.
Offering a fair rate that reflects the property's value and local rental trends is more likely to encourage tenants to stay. It's common for landlords to "grandfather in" tenants and keep them at lower rental prices to keep them around.
Respect Your Tenants' Privacy
Respecting tenant privacy is a fundamental aspect of being a responsible landlord.
Inform tenants in advance when you need to enter the property for inspections, maintenance, or other legitimate reasons. If you don't have a legitimate reason, do not disturb your tenants. Let them have the things and pets they'd like (within reason) as long as they're not disrupting the property.
Respecting their privacy boundaries ensures a comfortable and respectful living environment.
These Leasing Management Tips Will Help You Retain Tenants
If you want to retain your fabulous tenants, keep these landlord and leasing management tips in mind. Respect their privacy, keep rent prices fair, maintain your property, and communicate. If your tenants are happy, you'll be happy!
Do you need help managing your property and keeping your tenants in Ewing, NJ? PMI Essential can help. Get your free rental analysis or reach out for a consultation today!
