Finding reliable tenants is a goal for any landlord. So is keeping them. Losing tenants is already expensive, costing landlords as much as $5000. The overall cost can be much greater if the new tenant isn’t as consistent or responsible as the previous tenant. It’s also much easier to answer apartment rental questions when you have a good relationship with your tenant.
That’s why landlords should focus on how they can keep their best tenants from leaving. While there are many ways to go about this, the following points are particularly worth keeping in mind.
Don’t leave your tenants waiting for a response when they contact you. They’ll be much more inclined to renew a lease if they know their landlord reacts quickly to their needs. Simply maintaining open lines of communication and being available when they need your assistance can make a big difference in how they feel about you.
Responding promptly to tenants is crucial. If they email or call letting you know the bathroom drain is clogged, they want you to get the plumber over there as soon as possible.
That said, they also want to know you are willing to consider their point-of-view. Maybe they want to be at the apartment while the plumber is doing the work to ensure no one invades their privacy. On the other hand, they may prefer to be out while the work is being done so they aren’t distracted. Asking them when they would like the work scheduled shows you’re willing to take their needs into consideration.
Maintain the Unit
It’s certainly appealing to tenants when a landlord addresses property issues quickly. However, it’s even more appealing when these issues don’t arise in the first place. A landlord who regularly inspects the property and stays on top of maintenance is a landlord tenants want to continue renting from. The minor expenses associated with upkeep are much lower than the expenses associated with tenant turnover.
Get in Touch Early
Don’t wait to discuss renewing a lease until a month before it expires. Get in touch with a tenant three months before they need to make the decision to renew so you have the opportunity to address any complaints they might have. Additionally, if they do choose not to renew, you’ll have more time to advertise the property, making it easier to find the right tenants.
Offer the Right Features & Amenities
Making the apartment as comfortable as possible for your tenants is another smart way to keep them. That means including updated appliances, fixtures, and decor.
It also means addressing issues that sometimes go overlooked. For example, 65% of renters surveyed said they would accept higher rent if it meant having a reserved parking spot. More than a quarter of renters indicated having problems receiving mail at least some of the time. Over 50% of renters want soundproof walls, and 77% won’t rent homes without a washer and dryer in the unit. Understanding what tenants want and offering it is key to keeping them.
Again, the costs of updating the unit and including these amenities are much lower than the costs of losing a quality tenant. When you have renters who pay on time, don’t damage the unit, and are considerate of their neighbors, you’re free from many of the expenses and headaches that can come with being a landlord. Make sure you’re doing everything in your power to keep those tenants.
Freelance editor : Rae Steinbach
Rae is a graduate of Tufts University with a combined International Relations and Chinese degree. After spending time living and working abroad in China, she returned to NYC to pursue her career and continue curating quality content. Rae is passionate about travel, food, and writing for Jetty, of course.
Twitter handle: https://twitter.com/jetty (@Jetty)