As a landlord and owner of rental properties, you know how much you rely on your tenants for income. And if you don’t have tenants, you have no money coming in but still have expenses to cover. Therefore, finding ways to reduce, or even better, prevent turnover is certainly crucial. If you’re struggling with a fast tenant turnover, try the following tips!
You should always screen your tenants before allowing them to sign a lease. This will help you avoid ending up with bad tenants and help you reduce your turnover. While there are certain things you can’t discriminate against as a landlord, you can require a minimum credit score, check for a healthy credit history, require proof of employment, and require the payment of the security deposit and first month’s rent upfront. If a prospective tenant can meet those requirements, you’re less likely to find yourself dealing with late or missing payments and turnover due to an inability to pay.
Sometimes renters will leave because of the condition the property is in. As a landlord, you have a responsibility to keep the property in a liveable condition. That means you’ll need to keep up with regular maintenance and respond to maintenance requests. Being a responsive landlord will help build relationships with tenants. Both keeping the property well-maintained and building a positive relationship with your tenants will encourage them to stay longer.
Any property owner hopes to see the value of their property increase. As that value increases, it can feel a little odd to have what you’re charging for rent feel like it’s out of step with the value. The natural response is often to increase your rent. If you aren’t careful, however, you’ll price your tenants right out. If you want to prevent turnover, avoid increasing what you charge for rent unnecessarily or by excessive amounts. That doesn’t mean you can’t increase it at all. Just be smart about it so you don’t accidentally create more turnover than necessary, or worse, fall out of step with laws or regulations.
Preventing turnover as much as possible is important for anyone who owns rental properties. If you’re experiencing a high rate of turnover, there’s something wrong with the property or how you’re managing it. Take a good look at what’s going on and see where you can stand to make improvements so you can retain your tenants on a more long-term basis.
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