The national vacancy rate for rentals currently sits at 6.6%.
Vacancies are the ultimate enemy if you're a rental property owner. When you get a good tenant in your rental unit, you have to do everything you can to keep them there. This requires you to be the best landlord you can be.
If you've been struggling with lease renewals, we've got a post for you. Today, we'll give you a few strategies to keep your tenants happy so that they stay put in your rental. Keep reading and you'll ensure good tenants, which helps the long-term health of your investment and constant returns.
Keep Up With Rental Property Maintenance
Every good landlord needs to take care of their investment property for themselves and their tenants. Rental properties go through an inordinate amount of wear and tear, so the more you can stay on top of maintenance, the fewer problems you and the tenants will have.
It's also important to respond promptly to your tenants' maintenance and repair requests. If you let small problems fester, you'll annoy your tenants and they'll eventually start looking for new accommodations.
Good Landlord and Tenant Communication
Communication with your tenants is a bit of a tightrope act. You don't want to over-communicate with them and risk annoying them. At the same time, you want to foster a communicative relationship where you feel comfortable with each other.
Tenants want to feel like they can rely on you. If you can develop good communication, it'll go a long way in creating mutual trust and respect.
Offer a Rental Payment Grace Period
Not every tenant is going to always be financially stable. This doesn't make them a bad tenant. As long as the rent comes in and they're respectful of your property, they're worth having.
It can be a good idea for everyone if you offer a rental payment grace period for the tenants who need it. Give them 3-5 days at the beginning of the month to pay before you start chasing them down.
Make Rental Property Upgrades
An investment property isn't something you should let decay over time. Invest in your investment property and you'll attract better tenants that stick around for the long haul.
Whether it's replacing the old windows or adding a new appliance, these additions go a long way in boosting tenant happiness.
Enforce Rental Property Rules
If you've got a multi-unit property, you have to focus on creating a harmonious atmosphere between the tenants. The last thing you want is to have one poor tenant alienating your quality tenants.
One good way to avoid this is by screening your tenants effectively. The other thing to do is enforce rental property rules so that everyone understands what they can and can't do. If all tenants obey the rules, you'll have a good atmosphere.
Property Management and Lease Renewals
Keeping your tenants happy so that they stick around can be a lot of work, but it's worth it to keep lease renewals high. If you're finding it difficult to be the landlord you want to be, hiring property management is the remedy.
PMI TC Metro can help you manage your Eagan rental property the right way. Contact us today to learn more about our services and how we can keep your tenants happy.
