Rental Property Investor · Belleville, IL · Member since 2018 · 60 posts · 29 votes
What’s going on BP community?
Recently I sat down with other investors and discussed some successful ways they have found to retain tenants. For example lease anniversary gifts, or involving the tenant in choosing how much to raise the rent. I was wondering what other ways you have found to be successful in retaining tenants?
Cheers!
The first order of business is attracting good tenants to begin with. That means that not only does the house show well but it's got the normal features expected for its market; garage door opener, high efficiency HVAC, solar reflective window screens, attractive landscaping, good quality appliances and fixtures, nice decor touches.
The best thing I ever did for keeping tenants longer was to require a minimum two year lease going in. Once I did that my average turnover went to five years.
Gifts are not the answer, it is all about finding good tenants at the beginning, but if they're too good they may eventually move out and buy a home of their own.