Finding long-term tenants for your Fishtown rental property is one of the keys to having a profitable rental property.
With long-term tenants, you secure a consistent stream of rental income, and lower your tenant turnover rate.
Most importantly, you decrease the stress of having to advertise a vacant property, conduct tenant screening, draft a new lease agreement, and move a new tenant into your investment property.
Sounds good, doesn’t it?
Placing long-term tenants in your Philadelphia property is not difficult – if you approach it the right way.
Though you may know how to attract tenants, not all property owners know how to attract long-term tenants.
That’s why today, we are going to share with you some of the best ways to entice your Fishtown tenants to stay for more than one lease term, thus securing the title of a long-term tenant.
How to Attract Long-Term Tenants for Your Fishtown Rental Property
1. Let Them Make Themselves at Home
Oftentimes, property owners decorate their rental homes to match their personal tastes and preferences.
Then, those same property owners forbid their tenants from making any kind of decorative changes to the property while residing in it.
We don’t recommend doing this.
Because tenants want to feel at home while leasing from you.
This is not to say that they don’t like your property’s interior paint colors, or the type of flooring you installed before they moved in.
But tenants want to have the flexibility to make some changes in order to make the property feel more like their own.
If you want your tenants to stick around for longer than one lease term, allow them to make minor interior and exterior changes to your rental property.
Nothing drastic or permanent – simply small, decorative changes that will make your tenants feel like your rental is their home, such as the ability to hang art or pictures on the wall.
2. Allow Pets
Nowadays, finding a high-quality place to lease, that also accommodates pets, is becoming harder to come by.
Property owners have experienced pet fees, pet rent, and damage to their property because of their tenant’s pets.
And many of them have decided it’s more trouble than it’s worth.
This is why allowing your Philadelphia tenants to have pets in your rental property is a good way to secure a long-term tenant.
According to The Humane Society, nearly 80 million United States households have a pet.
If you fail to allow pets into your rental property, you run the risk of alienating a large portion of prospective tenants, some of which may be seeking long-term tenancies.
If your tenant has a pet (especially if it is one they treat as though truly a part of the family), allowing them to stay in your rental property is a great way to ensure a lease renewal come the end of their lease term.
3. Make it Easy
This is because curb appeal attracts high-quality tenants that are willing to pay for the amenities you provide.
For instance, a beautiful exterior paint job, new and modern looking windows, and stunning landscaping can entice a large tenant pool looking to enjoy your rental property.
However, making things too difficult to manage may cause even your most interested tenants to refuse signing a lease agreement with you.
If your tenants are going to be responsible for maintaining the exterior of your rental property, try to make things as easy on them as possible.
You don’t want a tenant to leave after one lease term because they tire of the yard work.
To provide your tenant with nice landscaping, without asking too much of them in terms of upkeep, try any one of the following:
- Limit the amount of landscaping maintenance required throughout all seasons
- Include maintenance tips and tricks in a tenant welcome package
- Hire a landscaper to maintain your property’s yard
- Reduce the monthly rent rate if your tenant takes on all the duties
The easier it is to maintain your property yet still keep its curb appeal high, the more impressed prospective tenants will be while inquiring about your rental property.
4. Reward Those That Stay Long
Long-term tenants are the best kind to have.
In an effort to attract long-term tenants to your rental property, by way of multiple lease renewals or a long-term lease agreement, make sure they know about the incentives you offer to those that stay for multiple lease terms.
If a tenant understands the benefits of leasing your property for a long time from the very beginning, they are more likely to pay their rent on time, avoid damaging your investment property, and aim to achieve those rewards as they continue to lease from you.
Here are some things you can reward long-term tenants with:
- Paid utilities for the length of the lease term
- Discounted rent for a lease renewal
- Gift cards or coupons for nearby shopping, dining, or entertainment
- Referral fees if you own multiple properties
- Upgrades to the interior – appliances, new flooring, fresh paint
People love to receive rewards for staying loyal.
Try inspiring that loyalty in prospective tenants from the very beginning, and watch your rental property stay occupied for years.
5. Use a Customer-Service Oriented Property Management Company
One of the most effective ways of attracting, and keeping, long-term tenants is to use an experienced Philadelphia property management company that is dedicated to taking care of both you and your tenants.
Here are the some of the things long-term tenants are attracted to when leasing a rental property:
- On-call maintenance and repair teams that can handle all issues, day or night
- Easy rent collection, proper bookkeeping, full transparency
- Knowledgeable staff, good communication, fast response times
- Legally compliant procedures
- Strong relationship-building procedures
- Reliable listening skills and objective perspectives
If your Philadelphia property management company has all of these traits, it is more likely a long-term tenant will want to lease from you.
Also, your property manager is the person your tenants are most likely to deal with on a regular basis.
So, if a tenant feels the property manager they will be in contact with cares about them, their questions, and their concerns, they will want to stay put, and lease your property for as long as possible.
If you have an investment property in the Philadelphia area, start attracting long-term tenants by first contacting Bay Management Group.
Committed to providing you and your tenants with the best customer service around, we can help you bring in the highest quality tenant pool possible, complete with tenants seeking long-term lease agreements.
Dealing solely in property management, we understand that reducing tenant turnover rates and increasing lease renewals is the way to success as a property owner.
So get in touch today and see how we can help guide you in attracting long-term tenants for your Fishtown property.