How to Keep Your Tenant Happy & Vacancy Rate Low
As a landlord, you want the best return on your investment. Which means, happy, long-term tenants who pay their rent on time. So we discuss the top ways to keep your tenant happy (well – the things that are in your control as a landlord!)
Top Ways to Keep your Tenant Happy
Keep rent increases in line with market rates
If you are looking to increase your rent, keep the increase in line with market rates. Conduct research in your local area of going rental rates and ensure to remain competitive. Remember, a happy tenant in a leased property will save you a lot more than an empty property. Consider this. You currently lease your property for $400 a week. You increase your rent by $15 a week. Your previously-content tenant decides the increase is too expensive and terminates their lease. Your property then sits vacant for three weeks while you find a new tenant. You lose $1200 of rental income in this time – all to recoup an additional $780 in a year in increased rent. Is it worth it? So ensure your rental increases are both in line with market rates and and deemed an appropriate increase. Otherwise you may be left with a vacant property!
Respond quickly to maintenance requests
One of the easiest ways to keep your tenant happy is to respond quickly and efficiently to maintenance requests. Nobody likes leaking taps or doors that don’t lock. Be a responsive landlord, especially if the maintenance request pose a security or safety risk. Your property manager will act on your behalf should an emergency request need tending to. However, where reasonable, act quickly to alleviate any maintenance issues your tenant has on the property.
Consider allowing pets
Studies have proven that pet ownership leads to increased chances of happiness. So, allowing your tenant to have a pet may go a long way to keeping them happy and in place in your property! Of course the allowance of a pet depends on the suitability of your property, and whether you are happy for the pet to be inside or outdoors only. You will need to ensure the property has an adequate fence if your tenant has a dog. If your tenant has a pet, they are up for a complete carpet clean and pest treatment when vacating the property.
Offer renewal incentives
Everyone likes a little incentive every now and then – so why not offer one to your tenant! You can offer a week’s free rent if they renew their lease early, or any other type of incentive you can think of. Additionally, send them a thank you card or gift every now and then to show your appreciation if they pay their rent on time or consistently keep the property in good condition.
Accept longer leases
One of the main things that tenants seek in a lease is security. Security and safety in the knowledge that their place in their home is secure. Whilst the property is your investment, it is important to remember that it is the home of your tenant. By accepting a longer term lease, you give your tenant peace of mind that they are safe in their home for the period of the lease.
Remember, happy tenant = happy landlord.