5 Ways Landlords Can Achieve Tenant Stability
As a landlord, you want to be successful by keeping your properties rented to good, long-term tenants. After all, isn’t that the ideal situation? Typically, for someone who decides to invest in rental property, yes – that is the goal. Unfortunately, it doesn’t always work out that way.
Often, landlords find it difficult to find these types of tenants – unless, of course, you consider following one of these 5 ways a landlord can achieve tenant stability.
1. Provide the option for an extended lease term. When you sit down with an ideal tenant, consider trying to entice them to sign a lease for longer than one year. Not only will it save you from having to find another tenant, but it will save them from having to find another home – or from worrying about a rent increase!
2. Offer an incentive to renew the lease. When approaching the end of the lease term, consider offering your tenants something to stay – whether a discounted month, gift cards, a reasonable upgrade, etc.
3. Consider slightly lower-than-market rents. If you can financially afford it, consider keeping your rent just below the market average. Knowing that they have a nice rental property at a better-than-average rental rate, your tenants will be less likely to move on.
4. Be a good landlord. Just as good tenants are hard to find, so are good landlords. Be open and easy to communicate with and be responsible for your rental property and the needs of your tenants. Being happy with a landlord can be enough incentive to renew a lease.
5. Adjust the way you look at tenant screening. Sure, you want to check out credit scores and criminal history, but what about the rental history? If tenants move often, that should signal to you that they may not be long-term tenant material. Find out why they’ve moved and if it is a common occurrence, you may want to reconsider.
Don’t waste time on tenants that will treat your rental property as a temporary resting place before moving on to their next rental. Achieve tenant stability and find comfort in knowing that you have a long-term tenant that will provide you with a sense of relief with your investment.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999 and a property manager, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com.
You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube.