Renting property has always been a good and stable source of income for landlords. Primarily because it generates a monthly return with minimum effort. Plus, demand for accommodation, especially in the city areas, is on the rise. Due to unbearable traffic and low availability of funds for housing, most people prefer rental apartments. It allows them to adjust to the increasing cost of living in the city and also create deposits for the future. However, in many cases, tenants switch homes for their own needs and one of these reasons can be a bitter relationship with landlords. It not only costs tenants more money due to switching, landlords also suffer by having a vacant apartment to let. If you are a landlord and are trying to mitigate this problem, then let’s look into some of the best ways to keep tenants for longer period.
Proper Maintenance
The core benefit tenants pay you for is the accomodation facility where maintenance is a big part of the service. It is customary, and also expected, of landlords to maintain a proper living environment in the apartment building. After all, tenants do pay a portion of the maintenance charge with their rent. Properly utilizing this fund is a good way to keep your tenants happy and build a good relationship. Taking care of the apartment is also beneficial for you, regardless of who is living in the property. If you ever decide to sell the apartment, it will surely work as an advantage for you. But for now, proper maintenance will help you keep tenants for longer period.
Be Responsive and Helpful
It is common courtesy to be helpful to others but as a landlord, you need to be professional as well. If you never answer your tenant’s calls or call back, don’t be surprised if you can’t keep tenants for longer period.
Respond to your tenants’ requests or complaints promptly and with a helping mindset. If you feel you need more time to resolve the issue effectively, communicate with the tenant regarding the matter. And most importantly, don’t ignore a request – even if you feel that the problem is something beyond your control. Instead, discuss the issue with them and try offering support to your best capacity to help them solve it on their own.
Fair In-house Rules
As the owner, you certainly have the power and liberty to set in-house rules to your preference. But do consider the needs of your tenants as well. They live in the apartment complex like you do and they should feel welcomed. Hence, take the needs of your tenants into consideration. Ask them for suggestions and make them feel more valued and a part of the apartment community. Offer reasonable rental prices that are comparable to other available rental properties in the same neighborhood as yours. Obviously, your tenants are not going to stay with you if you charge a high rent not in line with the neighborhood or current market conditions.
Compliance With The Tenancy Law
It is very important that you abide by the tenancy laws set by the government and encourage the tenants to do so as well. It is not just about ensuring a fair contract but the safety of both parties against unfortunate events. Sadly, in our country, The Premises Rent Control Act,1991 is not known and practiced by many. Hence, in most cases, it leads to unnecessary disputes between the landlord and tenants where tenants ultimately end up leaving the apartment. If both parties are aware of such rules and maintain them properly, neither one should face any unwanted situations. Since you are the landlord, if you can initiate this practice in your apartment building, it will work as a sign of good faith and trust between you and your tenants.
Occasional Gathering
Lastly, don’t be a stranger. Even if you don’t happen to live in the same building as your tenants, do check up on them from time to time. There is no harm in doing so. Rather, it will strengthen your relationship. A good way to keep tenants for longer period is by being in touch and throwing occasional gatherings and greeting each other during festivals. Send out a greeting card or gift basket to your tenants on their birthdays if you can. Such gestures can initiate a good bond and friendship. At the same time, remember your boundaries as a landlord. Don’t show up every other week without prior notice. It is a huge invasion of privacy and can quickly scare them away.
If you think you can do more as a landlord to keep tenants for longer period, please share your ideas with us! Also, if you are a tenant, we would like to hear your opinion too. If you have any, please drop them in the comments section below!
