How to Attract Long-Term Tenants

It’s every landlord’s dream to rent to long-term tenants. After all, long-term tenants guarantee a steady stream of income month after month. In addition, it helps reduce running costs, leading to optimal return on investment (ROI). 

That said, acquiring long-term tenants may not be an easy walk in the park. This is especially true in a competitive marketplace. 

Luckily for you, in this blog, you’ll learn proven tips on how you can do just that. Keep reading to learn more!

Market your Rental Property 

Marketing and advertising shouldn’t stop the moment you land a tenant; it should be ongoing to ensure you keep generating interest from prospective tenants.

And for the rental ad to entice prospective tenants, it should contain certain elements. For one, it should be detailed and provide prospects with all the necessary information. Including, the rental price, location, number of bedrooms and bathrooms, and amenities. 

And two, it should contain high-quality photos and video tours where necessary. 

When drafting the rental ad, make sure to abide by the fair housing laws. Avoid including statements that touch on a prospective tenant’s protected class. Such as, race, color, religion, sex, and nationality. Check your state’s fair housing laws for applicable classes. 

Once everything checks out, syndicate the ad to as many platforms as possible. Use both online and offline platforms for maximum reach. 

Make Upgrades to the Rental Unit 

Sure, upgrading a rental unit doesn’t come cheap. Depending on the projects you choose, you may need to spend a great deal of money upfront. 

That notwithstanding, investing in the right upgrades can turn out to be a solid investment. Quality tenants are attracted to quality living spaces, which assure them of comfort and convenience. 

The following are some of the renovations you can invest for optimum return on investment. 

• Modernize the kitchen by investing in things like new countertops, appliances, and cabinets. 

• Update the bathroom by replacing things like the vanity, flooring, and outdated fixtures. 

• Give the walls a fresh coat of paint. 

• Replace the flooring with a durable and easy-to-clean material such as laminate, hardwood, or tile. 

• Install energy-efficient appliances, lighting, and insulation. 

Don’t forget the curb appeal as well. Make it attractive by keeping the lawn well-manicured, and trees and bushes pruned. You can also give the exterior painting and entryway a refresh. 

Screen Prospective Tenants Thoroughly 

This is key in attracting and retaining quality long-term tenants. 

To fill a vacancy quickly, some landlords make the mistake of renting to just any tenant they come across. And more often than not, this ends up being a costly mistake. 

You see, no two tenants are ever created the same. Some are every landlord’s dream, whereas others are just the exact opposite. 

However, this no longer has to be guesswork. A meticulous tenant screening process can ensure you get the right tenants in your rental property. A meticulous screening process assesses prospective tenants based on several key metrics, including the following:

• Credit Score. Only go for prospective tenants that have high credit scores. A high credit score is a good indicator of financial savviness. A low credit score, on the other hand, is often a good indicator of financial irresponsibility. 

• Income Level. This goes without saying. Only go for tenants who make sufficient income to afford rent payments. Request every prospective tenant to provide you with their pay stubs, W-2s, or bank statements. Ideally, go for tenants that make an income of at least 3X the monthly rent amount. If the rent amount is, say, $1,700, only consider prospective tenants making a monthly income of at least $5,100. 

• Rental History. Require all prospective tenants to provide you with references of the previous landlords. Next, contact these landlords and find out crucial details about the tenant. For instance, whether they paid rent on time, or caused property damage. 

In conducting the screening process, however, make sure to keep in mind the state’s fair housing laws. Be consistent, fair, equal, and respectful to prospective tenants. 

Make a Good First Impression 

Yes, moving to a new place can be refreshing. However, the experience is not always the easiest. Some studies have even ranked moving as one of life’s most stressful events. 

As such, as a savvy landlord, try to be as hospitable to your tenants during this difficult time as possible. You can do that in any of the following ways. 

• Offer them a warm welcome. 

• Clean the property before they move in. 

• Give them a map of the neighborhood. 

• Stock their fridge with water bottles and some snacks. 

Such gestures can go a long way in ensuring the tenant feels welcome and pave the way to a mutually fulfilling landlord-tenant relationship. 

Stay on Top of Maintenance Issues 

Keeping your rental property well-maintained is key to attracting and retaining long-term tenants. No quality tenant is ever going to renew their lease if they often feel ignored and forgotten. 

At the most basic level, you should ensure your tenant lives in a habitable rental space. These are specified under state and local habitability codes. And this includes making requested and needed repairs within a reasonable time. 

Hire a Reputable Property Management Company 

This is the key to streamlining the daily operations of your rental investment. A good property management company can help handle all landlording aspects. Including, marketing a vacant unit, screening prospective tenants, and rental maintenance. 

They are also knowledgeable on the state’s landlord-tenant laws and will help keep you and the property legally compliant. 

Conclusion

Luring long-term tenants in your rental property is key to running a successful rental investment. However, as a landlord, you need to be intentional and purposeful in your efforts and not rely on luck. 

For a stress-free experience, however, look no further than Rent In Ottawa Property Management. We provide full-service property management services to property owners in Ottawa. Get in touch to learn more.