Quick and frequent tenant turnover affects your ROI and cash flow. That’s why rental property owners look for long-term tenants. Long-term tenants don’t only ensure consistent cash flow but also look after the property. But it’s not easy to find them. To help you with that, here are 4 tips that will increase your chances of attracting long-term renters.
4 Tips to Attract Long-Term Tenants
1. Allow Pets
According to the APPA, around 70% of US households have pets. Yet, most property owners don’t want to allow pets in their rental property. But by allowing pets in the house, you can attract a bigger section of the tenant pool who are most likely to stay for a long time, ensuring steady cash flow.
You may think that if you allow pets on your rental property, it will damage the house. Yes, it can, but you can increase the rent when you allow pets. And if any repair is required, you can use that extra rent to fix the damages. However, in most cases, property owners don’t have to do any additional repairs because of the damages caused by pets.
From the tenant’s POV, finding a rental house that allows pets is tough. So, if you allow pets on your property, tenants will most likely remain on the property for a long time.
2. Offer an Unfurnished Property
When you offer a furnished property to the tenants, you will have to bear the repair and maintenance costs. But when you provide an unfurnished property, you will have fewer issues and attract long-term tenants. How?
Firstly, it is obvious that when you offer an unfurnished rental property, you won’t have to shell money for repairs or replacements. Besides, tenants will have to fill the house with their own belongings when you offer an unfurnished property. As a result, they will feel more at home, which will motivate them to stay longer.
3. Add Safety Measures
You can attract long-term tenants by adding necessary safety measures. For example, you can install surveillance cameras, security locks, security systems, burglar-protected doors, Fire Alarms, Carbon Monoxide detectors etc. With these additions, tenants will feel more secure and prefer to stay longer in your rental property.
Before adding these security features, ensure that you have done the budgeting and calculated the breakeven period.
4. Ensure Hassle-Free Maintenance
If you have a garden or a big backyard at your rental property, keep the maintenance simple because not all the tenants are interested in gardening or have time to maintain the backyard. So, add plants that require low maintenance. Also, if there is a lawn, you can provide a lawnmower for the tenant to keep the lawn in good shape.
Again, if the tenant is green-minded, give them the freedom to take care of the garden by allowing them to add plants of their choice. This will give them more authority, and you may end up having a more beautiful backyard.
Conclusion
These tips will help you attract long-term tenants who will ensure steady cash flow from your rental. Besides, as you have made the house or apartment comfortable for them, they are more likely to live there for a long time and treat the place nicely. So, it’s a win-win situation for both parties.
