The current shortage of housing stock and high purchase prices has led to a situation where many people live in the private rental sector. Good news for landlords. However, research by landlord insurance provider, Direct Line for Business, has found that on average, British renters spend an average of 18 months in a rented property before moving on. Regularly having to find new tenants can take time and result in a loss of income. So if landlords want their tenants to stay longer they need to keep them happy and maintain the standard of their property.
Here are four top tips for landlords looking to keep their tenants:
- Check the market
The cost of the rent is the biggest factor that influences whether a renter will stay in your property. So check out the competition and compare the rent other Landlords are charging for similar properties. A tenant always likes to feel they are paying a fair price.
- Have a flexible approach to your tenancy agreement
If you have good tenants and want to keep them it is worth being flexible about certain aspects of the tenancy agreement. Long term occupants may well want to decorate rooms to their own taste or carry out minor DIY. Listen to their requests, discuss with them their plans and if you trust them let them go ahead.
- Maintain a good relationship with your tenants
It is vital your tenants feel they can contact you if they have a problem. Being approachable and maintaining good communication can prevent small problems escalating into much bigger issues. If you have a good rapport with your tenants and they know you will deal with issues quickly, they are more likely to stay longer.
- Update and Maintain your property
It is your responsibility as a landlord to carry out repairs and maintain the property. However it can also be very beneficial to be proactive and replace ageing electrical appliances before they break down or put down new carpets before they are worn out. This will show your tenants that you care.