10 Jan Top Reasons Tenants Are Staying In Their Rentals Longer
Why would your tenant stay in your rental property? In Seattle’s busy real estate market, it seems that as soon as a tenant moves into a new property, he’s on the lookout for a new one. However, you can make it advantageous for renters to stay in your property, and if you do, you’ll reap the benefits of a more consistent group of tenants. Here are some tips on how to reduce your need to advertise vacancies and make it easier for your tenants to stay in your Seattle rentals.
1. You Have a Wonderful Property
Part of your ability to retain renters rests on the property itself. If your property has an excellent location close to key amenities, it’s accessible by transit and has enough parking, and if it’s in a neighborhood where your renters feel safe, then they are more likely to stay.
You can contribute to this desire to stay by maintaining your property on a consistent basis. From hiring someone to mow the lawn to fixing a broken window, these changes not only make your property more attractive to tenants: they make the entire neighborhood feel safer and more beautiful as well.
2. You’re Responsive to Their Needs
When your tenants mention that there’s a leaky faucet, do you have the time to get someone to fix it? If you find yourself stalling and thinking that you’ll fix it yourself, it could be days or even weeks before it gets done. This doesn’t put you in good stead with your tenants, who feel like you don’t care. It can also damage your property. If you find that you’re avoiding repairs, make sure that you connect with local contractors and a property management company to provide the best possible service to your tenants.
3. Your Policies Work for Your Renters
Renters stay when the policies you have suit their needs. For example, it can be difficult to find properties that allow pets. If you do, then you’re more likely to attract and keep renters. You can charge a pet deposit if you have concerns about damage.
Consistent rent and reasonable increases are also very attractive to tenants. According to Zillow,”Rapid growth in rents over the past several years has prompted fears of some renters getting priced out of their homes and being forced to move.” Before you raise the rent, consider the cost of finding new tenants and cleaning and renovating your property. It can be less expensive to work with a long-term tenant who cares for the property and pays a slightly lower rent.
4. Moving is a Hassle
Moving isn’t something that renters enjoy doing. They might want to be in a different property, but the hassle of packing up boxes and getting rid of clutter isn’t something that they relish. Many tenants are also downsizing from larger homes as well. If they’ve already moved once and they feel settled, they don’t want to move unless they feel that the property is not safe or well cared-for. As long as you provide consistent property management, they will stay and feel happy about their choice.
At Lori Gill and Associates, we help you build your property business. We’re here to take care of your Seattle rentals. Would you like to improve your ability to manage your Seattle properties and retain your existing renters? Connect with us today.