How Can You Prevent Great Tenants From Leaving?

You know what perfect tenants are – they always pay rent on time, maintain the unit perfectly, and contact you when there’s a problem. These are the reasons why it is important to keep good tenants.

  • Regular monthly income is received without interruptions
  • This allows you to spend more time getting your units ready for viewing.
  • You don’t have to worry about uncertainty and stress with new tenants

How do you retain great tenants? This is a problem many landlords have; it’s estimated that about 55% of apartments across the United States turn over every year to new tenants.

If you use the following tips, it is possible to keep tenants longer.

Quickly Fix Your Problems

It is important to address maintenance issues immediately if your tenant wants to end their lease. When you’re proactive with repair and maintenance, it builds goodwill with the tenant. It keeps tenants happy when they see their place being maintained.

Few things annoy renters more than having problems that aren’t fixed. Normal maintenance includes making sure your AC and heat works properly, as well as ensuring that there is no damage to the roof. But if you do some extras – such as deep cleaning the carpets every year – that tenant may become your biggest fan and stay indefinitely.

You can bring in an expert if you are having trouble keeping up with maintenance. professional property managerYou can supervise everything.

Take Note of the Lease Renewal Dates

You want to retain the tenant. You should inform the tenant in writing that they must renounce their lease. It’s helpful to contact the tenant about three months before their lease expires to see if they renew.

They may make their decision quicker if you give them notice in advance. You can also give them notice if they are moving before their lease ends. This will allow you to take more time to interview tenants and select the most qualified.

Here are some things that you can do to get tenants to renew their leases as soon as possible:

  • You can offer to waive your rent increase for those who renew at least two-three months in advance.
  • If they renew their contract early, give them a gift card or carpet cleaning.
  • If they aren’t sure if they will renew, ask what you can do to get them to sign the lease. If it’s a reasonable request, tell them you’ll do it if they renew their lease first.

Lower Rent for Longer Leases

Standard leases last for one year. However, you could encourage tenants to sign 18-month or 2-year contracts if they are offered a 5% or 10% rent discount. This method can result in a loss of rental income. You can think about it like this: If you get a trustworthy tenant who stays in the place for at least two years, then there is no need to market the unit. And you also avoid a month or more vacancy and don’t need to have the unit cleaned and repaired.

Keeping a good-paying tenant in place longer can save you money, even if you aren’t receiving top dollar for the space.

Screen for the Best Tenants

The quality of your tenant’s tenants is directly related to you. screening process. You should thoroughly check the tenant’s rental history, credit score, income, criminal records, and other details. When you bring in the best tenants and treat them well, it’s easier to get them to stay.

Communicate with your tenants often and effectively. Keep your promises and be punctual. Great manager-tenant relations are essential.

These proven strategies will help you retain your top tenants and make more income.