As a Norfolk rental property owner, you must be aware of the aspects that influence how long a tenant will stay in your house. If you can make your tenants feel content and relaxed, they will likely stick around longer. Though you cannot control everything that will affect the length of your tenant’s stay, there are some things you can do to promote extended lease terms and a more satisfied tenant. Let’s take a closer look at the top five factors that impact tenant retention.
1. Condition of the Rental Property
The first factor is the condition of the rental property. If your house is in excellent condition, with no major repairs needed, your tenants are more certain to be satisfied and stay longer. Tenants also appreciate properties that are well-maintained and clean. If you routinely take care of small maintenance issues and keep the property clean, your tenants will likely be more satisfied and stay longer.
2 Property Maintenance
If you establish a proactive, comprehensive approach to property maintenance that is responsive to tenant needs, your tenants will take note and appreciate it. When you show that you care about the condition of your property, you encourage your tenants to do the same. Furthermore, if you respond swiftly and thoroughly to tenant requests for repairs and maintenance, tenants will be more eager to remain in your rental house.
3. Rental Rates
If your rental house is priced too high or if you raise the rent too often, tenants may be tempted to move to a cheaper option. On the other hand, if your rental house is priced too low, tenants may fear that the quality of the property is not up to par. It would be great to do a market analysis each year to find the rental price for your property that is fair and according to similar properties in the area.
4. Landlord-Tenant Relationship
If a Norfolk property manager has a good relationship with tenants and encourages frequent, positive communication, they will undoubtedly choose to stay in that rental house. Yet, if you have a negative relationship with your tenants or are unresponsive to their needs, they may be more tempted to move as soon as their lease is up.
5. Property Location
While you may not be able to control everything about your property’s location, you can help your tenant see its benefits. If your rental property is located in a popular neighborhood with outstanding schools and is next to amenities, tenants are more likely to want to stay longer. Plus, targeting your advertising to the type of tenant whose lifestyle most closely matches the area can help guarantee longer stays. It’s advisable to know your local rental market and your target demographic and market your property accordingly.
By analyzing the factors that influence how long tenants will stay in your rental property, you can take steps to increase longer lease terms. Certainly, keeping your property in great condition, having a proactive approach to repairs and maintenance, keeping a realistic rental price, having a good relationship with your tenants, and marketing your property to the right audience all cost time and effort.
If you want to spend your valuable time on other things, consider working with Real Property Management Hampton Roads. We perform everything from maintenance to marketing to tenant communications, helping keep your tenants in your rental properties longer and maximizing your earning potential. Contact us online today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.