Good news, tenants. Rent prices have been dropping steadily. There's never been a better time for a tenant to find a new, better place.
Tenants have a lot more freedom than they did in previous years. They no longer have to stick around with terrible landlords or overpriced condos. This presents a potential issue for you as an investment property owner: tenant retention.
With so many options, you can't expect to retain tenants just because they have no other options. You have to make an effort to get them to stay.
Join us as we discuss strategies for keeping good, reliable tenants in your rental property.
Be the Best Landlord
Social media has been awash with hate for landlords. People call them parasites and leeches. Sadly, they often have good reasons for saying as much.
Landlords often charge expensive rent and then never respond to maintenance requests or regular correspondence. At the end of a lease, they find sneaky ways to keep a tenant's security deposit. With behavior like this being so rampant, it's hard to fault tenants for feeling the way they do.
So, don't be like those landlords. Be the cool, easy-going type that tenants love. Be responsive, helpful, and always in search of ways to incentivize your tenants to stay.
You'd be surprised how many tenants will renew their lease based on your charisma and friendliness alone.
Be Careful with Rent Hikes
Rent will always have to go up. Inflation, property taxes, and market changes make that a simple reality. The easiest way to keep great tenants, though, is to be judicious about increasing rent.
Instead of leaping for a huge rent increase, choose something reasonable. Price your rent so it's competitive rather than gouging. Tenants will have more reason to stay if they can actually afford to!
Plus, think of the long-term benefits. Good tenants take better care of your property, don't make late payments, and require less of your time. Frequent tenant turnover risks your property with bad tenants - or leaves it unoccupied - both of which cost you money.
Improve Your Rental Property
Take a look at rentals in your area. You may be surprised to see how many awesome amenities they offer. Things like free gyms, pools, and Wi-Fi.
Make your property enticing, and tenants have all the more reason to stay. These can be small things, such as allowing them to have pets or adding needed furnishing to the property. Something as simple as throwing in a dryer could make you a much better landlord than the majority of your peers.
Again, there are long-term benefits that outweigh the initial costs of these amenities. Keeping good tenants may net you a greater profit, negating the money you spend to keep them.
Find Management for Your Investment Property
Keeping your investment property stocked with good tenants is vital for a fruitful, profitable rental experience. Be a good landlord who provides great incentives for tenants to renew their lease. Reconsidering steep rent hikes may be all it takes to keep those golden renters on for another year.
Green Tree Property Management handles all the worst parts of property management so you don't have to. Start with our free rental price analysis for your property.
