When you have happy tenants, they can really help to grow your rental business. They pay rent on time, keep the property looking good and the likelihood of confrontation with your tenants is minimized as they are generally more content.

Turning over tenants frequently will increase your costs so it’s much better to work on retaining good renters that you can gain a series of benefits from, such as:

• Enjoying your regular monthly rental earnings
• Removing the need to advertise and screen prospective tenants
• Skipping the adjustment process when welcoming a new renter

But it’s best to find the right renters to welcome in your rental space. You can achieve this in a couple of ways such: by performing a comprehensive tenant screening and marketing to a specific demographic.

The more comfortable your property is, the harder for the renters to move out. Inspiring tenants to stick around doesn’t need to be costly though. At Peak Residential, we offer some tips for you to try:

Provide Equal Treatment

You should avoid singling renters out for any reason. Specific characteristics of your renters are protected under the Fair Housing Act. So, showing any biases or playing favorites is a quick way to lose good renters.

Collecting late fees from another tenant and exempting another can also be confusing to the renters and is bound to create an environment of distrust. Avoid this by showing the same treatment to each renter.

Respond to Maintenance Concerns

If tenants pay on time, they deserve to live in a habitable and well maintained home. If there are repairs that need to be fixed, coordinate with contractors as soon as you can. In fact, it’s good practice to perform property inspections routinely to be aware of issues before they arise.

If a pipe is leaking, it can be inconvenient for the renters so, address it immediately by sending a plumber. You want to give your tenants plenty of reasons to stay. If you ignore property maintenance requests, it will be hard to get a renter to renew the lease.

Be a Good Landlord

As a landlord, you’ll be dealing with many different people on a daily basis so it’s crucial to improve your people skills.

If you’re friendly and flexible, you’re likely to win over your renters. They will decide to stay longer in your rental home given that you’re reasonable to interact with and they’re treated well.

You should look to create a welcoming environment and respond in a timely manner when a tenant reaches out to you. Keeping the communication lines open provides a lot of advantages.

Disagreements can be smoothed over faster leading to an excellent landlord-tenant relationship. Maintaining a respectful atmosphere can make tenants feel valued and increase their comfort.

Add Great Amenities

Depending on the demographic you’re targeting, prospective tenants may prioritize an amenity over others.

For example, students would want to have a room free from disturbance so installing soundproof walls is important. The prospect may also need a place to park their bicycles. On the other hand, a professional who commutes to work in a personal vehicle will appreciate having a parking area.

Analyze the amenities that will make your renters happy and rennovate the property as appropriate. Go for the features that would enhance their living experience in your rental. When you offer convenient extras, your tenants will be encouraged to stay longer.

Other amenities you can consider adding are storage spaces, central heating, an air conditioning system or stainless-steel finishes for your appliances. These upgrades also attract more prospects to your rental home.

Craft a Solid Lease

Your renters are both informed and safe when you craft a solid and clear lease agreement.                                                                                                                                                         

Be specific when stating your terms and conditions pertaining to handling security deposits, performing property inspections or dealing with property maintenance repairs.

You can also include the repercussions if policies are ignored to make it clear what your expectations are. This way, renters are knowledgeable if they are ever issued a warning or evicted. Otherwise, they may find themselves surprised when their tenancy is terminated outright.

If you have a long-term tenant breaking a rule, it’s best to schedule a discussion first to find out their side of the story. Avoid making a rash decision, especially if your tenant was always good. It’s important to find out the details.

Additionally, you should review your property rules and check if they adhere to the state laws and local rules. Enforce the policies you outlined in the contract. But also include the consequences to let renters know what to expect.

Bottom line

Following these tips can lead to you landing happy tenants and retaining their loyalty. You can also offer incentives by offering a pet policy or engaging the services of cleaning specialists once or twice a year. The cost is negligible compared to what you would incur dealing with a vacant rental.

If you have limited time to spare, it’s best to hire a professional property management company like Peak Residential Inc. as your representative.

We can provide you with our full array services from addressing maintenance issues, responding to tenant requests, creating a clear leasing contract and more. You can contact us at (916) 988 5357 or send a message to info@peakresidential.com.New Paragraph