Attracting Long-Term Tenants

By Alyssa Laffitte on December 9, 2019

As a property manager, you are probably looking for tenants to lease your properties long term, since long term tenants will prevent you from constantly seeking out new tenants. In this post, we will discuss how to attract long term tenants.

Image via Isorepublic.com

Set your rental price fairly

Of course, the best way to attract long term tenants is to set a fair price for your rental property. Tenants will be more likely to stay longer at your rental property if it is priced fairly. To determine a “fair” price, do some research on the prices of comparable properties in the area. Try to match the price of those properties!

Make sure the area of the property is safe

It’s no secret that people want to live in safe neighborhoods. If you want to attract long term tenants, make sure the area of your rental property is safe. This way, your tenants will be more likely to stay longer at your property.

Be a good property manager

Tenants are more likely to stay in a rental property if they have a good property manager. If you want to attract long term tenants, be a good property manager. Generally, a good property manager respects the tenants by providing a safe place to live. Conversely, the tenants respect the property manager by treating the rental property with respect and paying rent on time. Here are some ways you can be a good property manager:

  • Respect the tenant’s privacy- even though the tenant does not technically own the property, it is their home. If you need to enter it for any reason, please notify them with ample notice.
  • Respond to the tenant’s calls and messages- as the property manager, you are in charge of providing the tenant with a safe place to live. If something goes wrong at the property (for example, if there is a problem with the water or electricity), you should respond to the tenant and resolve the issue as quickly as possible.
  • Communicate clearly to the tenant, especially in the contract- definitely lay out all your expectations of the tenant in the contract. This way, there is less confusion and you are protected.

If you are a good property manager, tenants will be more likely to stay in your property!

Allow the tenants to make minor changes to the property

A tenant will be more likely to stay in a property that they already feel at home in. To make the tenant feel more at home, you should allow them to make their own minor modifications to the property. This could include something like painting the walls, changing out the light fixtures, or switching out the cabinets. Although these are not major changes, they will make the tenants want to stay at your property longer because they will feel more at home there, since it is now more customized to their liking.

Allow pets

It’s not easy to find a good rental property that also accepts pets. If you can accept pets at your rental property, you will be more likely to find a long term tenant, since they might not want to search for another good rental property that accepts pets. (This is especially true if your rental property has a dog park or some grass nearby.) Even if you charge a little bit extra every month as “pet rent,” it will be worth it. Allowing pets at your rental property is a good way to attract long term tenants.

Offer extras

If you want to attract long term tenants, try to offer extras. Including extras will make tenants more likely to stay longer. Here are some ideas for extras you could offer to make your rental property more attractive to long term tenants:

  • Put in a dishwasher- tenants will love the convenience of having a dishwasher in their unit.
  • Make sure there is access to laundry- even if it’s a communal laundry room, it’s much more convenient than having to go to a laundromat.
  • Have access to parking- the closer to the property, the better! Also, try to make the parking as inexpensive as possible (or free!).

If you can offer these extras, they will attract long term tenants.

Offer bonuses for tenants who renew

One of the best ways to keep your tenants for another year is to offer bonuses to tenants who renew. If you give your tenants an incentive to stay at your property, they just might. These bonus perks don’t even need to be big. Here are some potential bonuses you could offer your tenants:

  • A discount on rent for a few months
  • A gift card to a nearby restaurant or store
  • A new appliance (like a refrigerator, oven, dishwasher, or washer/dryer).

Offering these bonus perks to tenants who renew their lease will attract long term tenants.

If you follow these tips, you will be more likely to attract long term tenants.

By Alyssa Laffitte

Uloop Writer
University of Miami
23, ISFJ. Biology student. College lifestyle blogger. Avid reader and writer. Dog lover. Nerd. Boyband enthusiast. Superhero in training. Here to help you become the best you can be!

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