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The Best 7 Ways to Retain Your Good Tenants

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The Best 7 Ways to Retain Your Good Tenants

Who would not love to keep a responsible, timely-paying tenant for a prolonged period? Such tenants will take care of your property and neighborhood. Let’s find out why letting go of such good tenants will come at a high cost.

Why convince them to stay longer?

  • For the monthly rental income. (This is much needed when you rely on rental income for mortgage and utilities).
  • Saves your pocket from spending on extra costs of maintaining, advertising.
  • Free you from the hassle of finding a new tenant.

An empty apartment will cost you around $1500-$2000 per month.

Instead of incurring such loss, why not negotiate a bit to keep your tenant stay longer. The expense bore to lure the tenant would significantly be less than that of a vacant apartment. It will be a win-win situation for everyone.

Find out the 7 best ways to make such a mutually beneficial deal.

1. Active addressing of maintenance concerns

If you wish your tenant to extend the lease, address their maintenance concerns as quickly as possible. They will consider you as a responsible landlord. You may include other perks like full apartment cleaning by some professionals to attract long term rental agreements. Periodic maintenance will curb your repair costs. Also, an apartment which requires frequent repairs seems less attractive to long term tenants. It will be a major factor in deciding how long they will stay.

2. Be friendly and co-operative

Every good tenant seeks for an amicable supportive landlord. Your welcoming and courteous nature will make the place home for them. Maintain transparency in communications and make it easy for them to approach you in case of any issues and concerns. Going the  extra mile in efforts will make them more comfortable. If a place feels like home, tenants tend to stay longer.

3. Know your tenant’s needs

Look at your place from the tenant’s view and try to include amenities most sought by them. Upgrades like high-speed internet, centralized air conditioning will definitely catch their eye. They always prefer to have a quality lifestyle. Any empathetic upgrade in the place will move them to stay longer with you.

4. Renew Lease pro-actively

Ask tenants about lease renewals 2-3 months before their lease expires. It will give them ample time to think about their plans. Strike them with attractive deals such as no or less rental increments. Or ask them what negotiation they are seeking. More open and clear communication is the key to seal the deal.

In the worst scenario, it will give you time to run advertisements for space.  If someone else seems interested, you will not lose even a month of rent.

5. Make the longer lease feasible.

Ask them if they wish to opt for a longer lease at reduced rates. Though you will lose rental increment, it would be worth keeping a reliable tenant. Please calculate the financial difference before giving them any deal.

6. Treat them nicely

Provide everyone with equal opportunity to rent your space. For a good landlord, even short-term tenants will do mouth publicity for you.

Overcharging or looking out for some specifics may lead to discrimination litigation.

7. Reinforce rules in a simple manner

Write down rules for staying at your property and let them know of the same before signing the lease. It will act as a bridge between your expectations and their responsibilities. In case your tenant breaks some rule, talk to them before taking any action.

Let us know through comments what you think of these options.

Happy to help you!

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