1. Condition of the Rental Property
The first factor is the condition of the rental property. If your house is in great condition, with no major repairs performed, your tenants are more likely to be satisfied and stay longer. Tenants also appreciate properties that are well-maintained and clean. If you regularly 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 have a proactive, comprehensive approach to property maintenance that is responsive to tenant needs, your tenants will keep it in mind and appreciate it. When they see that you care about the condition of your property, you encourage your tenants to do the same. Plus, if you respond quickly and appropriately to tenant requests for repairs and maintenance, tenants will be more inclined to stay in your rental house.
3. Rental Rates
If your rental house is priced too high or if you raise the rent too frequently, tenants may be tempted to seek a low-cost option. On the other hand, if your rental house is priced too low, tenants may worry that the quality of the property is not up to par. It is critical to do a market analysis each year to find the rental price for your property that is fair and in line with comparable properties in the area.
4. Landlord-Tenant Relationship
If a Troy property manager has a good relationship with tenants and encourages frequent, positive communication, they will likely want to continue in that rental house. However, if you have a terrible relationship with your tenants or are unresponsive to their needs, they may be more inclined to move as soon as their lease is up.
5. Property Location
While you may not be able to manipulate everything about your property’s location, you can help your tenant see its benefits. If your rental property is located in a pleasant neighborhood with great schools and is accessible to amenities, tenants are more likely to want to stay longer. What is more, targeting your advertising to the type of tenant whose lifestyle most closely matches the area can help encourage longer stays. You need to know your local rental market and your target demographic and market your property accordingly.
By understanding the factors that influence how long tenants will stay in your rental property, you can take steps to encourage longer lease terms. Keeping your property in good condition, having a proactive approach to repairs and maintenance, setting an appropriate rental price, establishing a great relationship with your tenants, and marketing your property to the right audience all necessitate time and effort.
If you’d rather spend your valuable time on other things, begin employing Real Property Management Silverstone. We conduct 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!