Renting can become a very lucrative and rewarding experience when you have the right tenants. You're perhaps fortunate most to all your renters are people who follow the rules and always pay their rent on time.
These are the people you want to retain, despite having limited leases. The end of those lease terms is maybe coming up, and you're worried these valuable renters may leave.
How do you go about keeping them for another lease term? Here's eight tips to persuade them to stay.
1. Providing the Rules in Advance
Communication is essential if you want to keep good tenants. The more they know about what's expected in your rules, the more apt they'll realize whether they want to stick around. Outline all your rules and regulations up front, especially if you've changed some things.
Be as clear as you can about quiet hours, as well who to contact if complaining about other tenants in nearby apartments.
2. Add More Details to the Rental Agreement
To assure more trust between you and tenants, add some details in the agreement, especially in assuring security and safety. For instance, you might want to add emergency plans in case of a disaster.
Also add things like information on the EPA's acceptable lead paint levels to assure you're not going against government regulations.
3. Give Your Tenant Complaints Top Priority
No tenant wants their complaints going on a deaf ear. If you wait to address their concerns, they'll think you've placed little value in their tenancy. Don't waste time addressing any problems, including needed maintenance. A quick response sends a message you've appreciated them paying rent on time, every month.
4. Consider a Rent Discount
What better way to entice good tenants to stay than to reduce their rent if they've paid on time for more than a year? While you might want to give them a "thank you" gift, a slight rent reduction in their new lease term gives tenants extra money they can spend on themselves.
5. Adding New Amenities
Maybe your tenant would prefer an appliance upgrade over a rent decrease. Providing undercover parking or smart devices in the rental unit adds a more livable aspect for tenants who prefer something better.
Even adding other incentives like grocery delivery can bring more convenience and feel like your tenants own their own home.
6. Communicate With Tenants Often
Offer to meet up with tenants often to address their concerns. The more you know about them, the better you'll understand want they want and not feel distant on providing solutions.
Simple upgrades are often enough to keep tenants living in your unit for years to come.
7. Promote Longer Leases
Most of your lease terms likely run only six months, so consider extending the next one to a year. Maybe you'll lose a little money if giving a reduced rate, but at least you'll be able to keep a valuable tenant for longer. They may find this attractive and continue to renew with a year-long lease indefinitely.
8. Beautifying the Exterior
To allow the feel of home ownership, beautifying the rental exterior with a new paint job or landscaping the yard adds more value. Especially with a rental home, making the yard space inviting gives more incentive for tenants to do outdoor entertaining.
Enjoying and customizing their yards turns renting into a pleasure rather than a burden they have to endure.
Keep reading us at VerticalRent as we explore more rental issues nationwide.
About the author
Matt Angerer is the Founder and President of VerticalRent. He enjoys writing on a variety of topics that help Landlords, Property Managers, and Renters across America. He is particularly interested in helping renters understand their local marketplace, pick the best places to live, and find an awesome roommate. Since 2011, VerticalRent has grown to service over 100,000 landlords and renters across America.