Once you have the perfect tenants in your rental home, you’re going to want to keep them as long as possible. While retaining great tenants can be challenging, the following ideas can provide a springboard for doing so.
1. Make a welcoming environment
Everyone wants to come home to a beautiful and welcoming home — even those who don’t actually own it. Keeping your rental home clean and well maintained is a simply method of fostering goodwill with your tenant. Staying current on routine maintenance such as painting and repairs instills a sense of pride in your tenants as your care and attention to detail let them know they are valued.
2. Plan an event
If you have more than one rental home, consider throwing an event to bring your tenants together. One idea is to host a summer barbecue at a local park for your tenants. This type of setting provides the ability for you and your tenants to get to know each other on a more personal level. Make sure to ask about any special dietary needs so you can plan for them. Your tenants will be pleased at your thoughtfulness and personal attention.
3. Encourage referrals
Good tenants often have friends who are equally good tenants too. If you have another property nearby whose lease is coming up soon, ask your current tenant if they have any friends who might be interested. In addition to them being more satisfied with their living arrangements when they have friends nearby, your current tenants are likely to only refer those friends who would provide a good fit for you.
You can also use referrals to your advantage if you must lose a good tenant due to circumstances beyond anyone’s control, such as a job transfer. Consider adding in a small referral bonus if the person who is referred ends up renting your home.
While these suggestions are designed to require a minimal amount of effort, many busy property owners simply turn management of their rental homes over to a company like RPMLV. This professional company utilizes some of these same suggestions as part of their tenant retention efforts.