As a rental property owner, having tenants that sign a longer lease or continue to renew their lease year after year is ideal. With a lower turnover rate, property owners are able to increase their bottom line and the amount of time and money spent making repairs and upgrades in between tenants. Having long-term tenants is also a great way to ensure a steady source of income. With these tips, you’ll not only be able to attract high-quality tenants, but ones that are interested in renting long-term.
Invest in Upgrades
When attracting long-term renters, it’s important to look at every detail of your rental property to see where you can make upgrades to entice them. A few upgrades you can make in your rental property that will also increase property value include:
Durability is more important than style when it comes to rental properties, but that doesn’t mean you should be afraid to incorporate stylish details. For the flooring, cabinets, and countertops, keep it simple and opt for prefab options, a fresh coat of paint, and don’t be afraid of using faux materials. Most renters prioritize the look and feel of the room versus the quality of the materials used. Invest in stainless steel appliances, an eye-catching (but simple!) backsplash, and upgrade faceplates and lighting in the space.
Most property owners focus on updating the kitchen and put bathroom renovations on the backburner, but since it’s a smaller space, it’s easier to make smaller, budget-friendly updates that make a big impact. Consider the following:
- Replacing the toilet
- Upgrading any fixtures including towel racks, lighting, and toilet paper holders
- Giving old cabinets a fresh coat of paint
- Swapping out the mirror for a more modern option
- Refinishing the bathtub
- Replacing the flooring
Living Spaces and Bedrooms
For living spaces and bedrooms, upgrades won’t be as extensive as the kitchen and bathroom, but you want to make sure everything is in tip top shape. If the flooring and windows haven’t been updated since the property was built, consider replacing them. Updating lighting fixtures to more modern options is a great low-cost way to instantly change the look and feel of a room.
Give the Walls a Fresh Coat of Paint
More often than not, property owners opt to paint the interior walls of a unit tan as the color hides a lot of marks and grunge, but they don’t offer potential tenants much visual interest. Instead, pick a trend-friendly color, such as a light grey, to give tenants the bright airy feel that white paint does, without the upkeep.
Rethink Laundry Options
Having the convenience of laundry in-unit or in-building is a big selling point, especially when looking for long-term tenants. While installing laundry in a rental unit or building is an added expense, it does make the property more desirable.
Be Generous About Pets
Pet policies can be restricting and limit pet owners on the availability of properties that they can be approved for. If you’re trying to attract long-term rental tenants, consider making your property pet-friendly, even if they potential tenants don’t have any pets. This will allow them the flexibility of being able to have pets in the future and will greatly increase the odds of them continuing to renew their lease.
Eliminate Reasons for Moving
The best way to keep rental tenants long-term? Eliminate the reasons for them to consider moving! Some of the most common reasons tenants decide to move out of a unit include:
- Slow response times to maintenance requests
- Loud indoor noises, including HVAC and plumbing issues
- Bugs and insects
- Problems with neighbors
Remedies for these issues:
- Make it easy for tenants to contact you regarding maintenance requests and address and resolve issues quickly
- Consider upgrading the HVAC and plumbing systems
- Regular appointments with a trusted exterminator to spray both the interior and exterior of the property
- Thoroughly screen tenants to help avoid any noise complaints
For help managing your property, screening tenants, and making interior and exterior upgrades to your rental property, contact Lamacchia Property Management today at (855) 213-3410.