Attracting long-term tenants who pay rent on time seems like a simple task, but it’s not always easy. Without changing anything about how you market your properties, you may get lucky once in a while, but you need a strategy to consistently attract good tenants.
First, Hire A Property Manager
Nobody knows how to attract and retain high-quality tenants like a professional property manager. Because of their experience, they can spot red flags and navigate the tenant screening process to get the kind of tenants you want. The key is to find a company with a positive reputation and track record of happy investors. For instance, Green Residential offers apartment management in Houston, and has an outstanding reputation earned through attracting quality tenants for their clients.
Don’t burden yourself with landlord responsibilities you aren’t sure how to handle. Hire a professional property manager and you’ll be in good hands.
Offer Competitive Rental Rates
To get good tenants, offer rental rates that align with the current market. Avoid offering steep discounts or free rent because that’s a fast way to attract bad tenants. If you bring people in through a significant discount, you will attract people who are just looking for a way to save money. Your ideal tenant will be someone who makes a deliberate choice to live in your property.
Enhance Your Property’s Curb Appeal
Good tenants want to live in attractive homes. If your property looks like it’s falling apart or hasn’t been maintained, spruce it up before putting it on the market. If your property looks bad, people will expect it to be priced low, but they’ll also assume you don’t really care about it, and they’ll feel free to do as they please.
Some basics to start with include:
· Repainting the front door
· Getting a full exterior paint job
· Upgrading the siding
· Cleaning up weeds and bushes
· Fixing outdoor lighting
· Repairing broken driveway concrete
The better your home looks, the better tenants you’ll attract.
Offer Enticing Amenities
Hardwood floors and granite countertops look great, but those aren’t the amenities renters want most. According to a National Multifamily Housing Council (NMHC) survey, here’s what apartment renters want most:
· Microwave (83%)
· Pre-installed windows or blinds (84%)
· Dishwasher (86%)
· Garbage disposal (88%)
· Soundproof walls (90%)
· Air conditioning (91%)
· Washer and dryer in the unit (92%)
While most of the things renters want are relatively cheap to install, even the simplest amenities can be deal-breakers. For example, many tenants won’t rent an apartment unless it comes with a washer and dryer.
Renters are easy to please when you know what they want.
Create Strong Tenant Relationships
Once you get a good tenant, you’ll have a better chance of retaining them when you build a good relationship with them by communicating, being respectful, and allowing them to express their concerns. Being approachable will go a long way to create trust, and little gestures – like sending holiday cards and discounts for timely payments – can generate loyalty. People don’t want to move if they don’t have to, and when they have a landlord who treats them well, they have a good reason to renew their lease.
Stay On Ultimate Of Maintenance And Inspections
It’s easy to keep good tenants happy by performing routine inspections, handling repairs quickly, and staying on top of maintenance.
Your tenants want to live in a clean, functional space that is well-maintained – and that all falls on you.
Delaying critical repairs and maintenance can cause tenants to become dissatisfied, and that may lead to property damage, either through intention or neglect.
Allow Pets In Your Rentals
Although a washing machine is a deal-breaker for many, more renters want a pet-friendly living space. According to a 2023 Zillow research survey, 59% of renters have at least one pet and would rather have a pet-friendly lease than a washer.
If you’re worried about damage, that’s easy to cover by collecting a pet deposit up front with the other security deposits. You can also charge monthly pet rent, but just be aware that doing so is a deal-breaker for many renters.
Offer Flexible Lease Terms
Offering 6-months, 12-month, and month-to-month leases will help you attract more applicants. Some people want to rent long-term, but need to settle in to know if they’re in the right place.
Attractive Rentals Have Fewer Vacancies
Keeping your units full begins with making your property attractive to your ideal renters. This requires offering competitive rental rates and desirable amenities, allowing pets, and keeping the property in good shape.
Implementing these strategies will not only help you create steady income by reducing vacancies, but it will help you build a thriving business.
