The Landlord’s Checklist for High Tenant Retention and Demand

If you have good tenants who look after your property well, pay the rent on time, and don’t receive any complaints from the neighbors, you’ve won the jackpot!

Great tenants make your life easy but they can be hard to come by. So, it’s no surprise that you want to retain them long-term.

In this article, we will share our Landlord Checklist for high tenant retention rates and demand. We hope that it helps you secure great tenants who stick around for the long term.

The Benefits of High Retention Tenants

Here we’ll cover some of the benefits of high retention tenants.

Reliable Rental Income

Great tenants always pay their rent on time and you can rely on them to meet their tenant responsibilities. This lets you enjoy a steady income, reduce your financial burden, and relax without worrying about next month’s payment.

Lower Expenses

You can enjoy lower expenses when you have great tenants who are happy to stay in your property for the long term. 

You know better than anyone how expensive rental turnover rates can be. From property updates and marketing to screening renters and sorting the paperwork, there are a lot of costs associated with securing new tenants. 

So, having tenants who stick around for the long term is extremely cost-efficient.

Property Maintenance

Great tenants who look after your property are second to none. And when they’re keen to stay for the long term, they will treat the property as if it were their own by: 

• Keeping it clean.
• Doing the garden upkeep.
• Replacing the lightbulbs.
• Fixing leaky taps and more. 

This will save you time and money and give you peace of mind that your property is receiving the care and love it deserves.

There are many other benefits to retaining long-term tenants, but these are certainly the most advantageous. Now, the question is, how do you get there?

5 Steps to Improve Tenant Retention and Attract Tenants in the Future

Securing tenants who want to live in your property long-term can feel like an impossible dream. However, by focusing your efforts on the right things you can improve your retention rate and secure tenants you can rely on.

It’s worth noting, of course, that even the best tenants will likely move on eventually. Whether they buy a property of their own, relocate for a job, or simply outgrow the space, losing great tenants through no fault of your own is unfortunate but certainly a possibility. 

However, with our tips, you can easily and quickly secure new tenants again. Here’s how:

1. Set a Fair Rent Price on the Property

Landlords often experience the push and pull of securing great tenants while also charging competitive rental prices. 

One thing that drives renters away to greener pastures is increasing rent prices. Whether you’re increasing too much, too fast or there are simply better properties out there available for less, you want your tenants to feel satisfied about how much they pay and what they get for that. 

To ensure a higher rent is justifiable, look at investing in ways to improve your tenant’s convenience and quality of living. For example, smart home upgrades like keyless smart locks, electric garage doors, and smart thermostats can improve tenant experience while improving security and energy efficiency for your property. 

Do your best to charge competitive rent and increase the rent incrementally if you can. You may also opt to thank tenants for their continued loyalty. Some landlords opt to reduce the rent over the Christmas period, for example, or get their tenants a holiday gift.

2. Always Communicate Clearly

Nobody likes being left in the lurch and the same goes for your tenants. One of the biggest frustrations renters face is a lack of communication—particularly when it comes to fixing a problem in the house. 

Communication can make or break any relationship. As Forbes rightly shared, “Without strong communication, misunderstandings, and breakdowns can quickly compromise the tenancies you fought so hard to establish.” So, while you don’t want to phone or text your tenants every day, you should be responsive to their communications and keep them in the loop as much as you can. 

A few ways you can do this include: 

• Reassuring them you can be contacted any time 
• Making it clear that communication lines are always open and available
• Responding quickly and professionally to their questions and concerns. 

Ultimately, these things will build trust and help tenants feel valued and looked after, resulting in tenants who stick around for longer. 

3. Resolve Problems in the Property Quickly

Another big frustration renters face is the responsiveness to household problems. Whether it’s a broken washing machine, leaky faucet, or a malfunctioning oven, if something in the house needs fixing, it’s the landlord’s responsibility to do so. 

If you want your tenants to stick around, resolving problems and responding to complaints quickly and professionally are important. If something needs fixing, try to arrange for a same-day repair. 

If that’s not possible, keep the tenant in the loop with regards to your progress so they have the reassurance that things are being actioned.

When you are responsive and reactionary, it shows tenants that you can and want them to be comfortable. This builds trust and makes tenants keen to stick around for longer.

Related read: Here’s how to make your property irresistible to tenants.

4. Reward Tenants for Lease Renewals

Another great way to secure high tenant retention is to reward existing tenants for renewing their rental lease. This could be something as simple as keeping the rent the same price (maybe even reducing it slightly) or allowing your tenants to decorate or get a pet. 

Rewarding your existing tenants is a great way to secure their loyalty while also showing how grateful you are for all they do.

5. Ask for Feedback

Asking for feedback can feel scary, however, it’s an excellent way to show your tenants that you care.

You could send out a questionnaire every quarter and encourage feedback from your tenants by offering a voucher to their favorite restaurant or a bit of money off the rent for that month.

When they send their feedback, receive it with professionalism and understanding. Whether they’re keen for you to make some upgrades to the property or they’re asking to decorate, always do your best to respond and take action where possible. This will increase your tenant’s satisfaction and show that you care.

Final Words

Securing great tenants isn’t just about finding the right people, it’s also about being the best landlord you can be and meeting your responsibilities. When your tenants can see that you’re putting in the effort, they’ll be more likely to stick around for longer.

We hope the tips we’ve shared in this article will help you improve your relationship with your tenants and make meaningful changes that secure their continued loyalty.