How will I find tenants who will stay for many years in my rental?
- helloLv 44 weeks ago
Have them provide their addresses for the last 10 years. Though this is not necessarily an indication of the future, you can get a good idea of what their past pattern has been.
- fireflyfliesbyLv 71 month ago
It's never guaranteed. In general, find people with stable jobs who intend to stay local. Set clear expectations and rules from day one. Treat them well. It seems simple because it is. I'm not saying give your tenant's the shirt off your back, or let them walk all over you, or anything even close to that.
Here's what I do for my tenants (all of them, regardless of how long they've rented from me):
1. When something needs to be fixed, I fix it right away. Even if it means coming by same day after a nine hour shift at my day job. Even if it means a couple trips to Home Depot. It gets fixed. Period.
2. When something needs replaced, it gets replaced. Water heater kicks the bucket? You're getting a new water heater. HVAC is twenty years old and keeps leaking refrigerant? Replaced. Yes, it costs money. But vacancy and turnover costs more.
3. I communicate early and often. This goes for everything. Repairs, replacements, lease renewals, everything.
Also, I let my renters know I appreciate them. I send birthday cards. I send thank you notes. I found out two of my tenants who lived together eloped in Las Vegas, so guess what? They got an Edible Arrangement from me. And this might seem like overkill, but those tenants just signed their third two year lease with me. That unit is rented at above market rate through 2022 right now. Treat people well and make them feel at home. You'll be surprised how long they stay.
- Christin KLv 71 month ago
You can never guarantee that. A longer term lease will do some good, but you aren't going to find a lot of renters who would be willing to sign a long lease--more than, say, 2 years. You can talk to the applicants, ask them what their future plans are--be conversational about it and you might learn quite a bit. Let them know you're interested in having them stay a long time, too--but you really ought to be more flexible because what if you get tenants who are horrible? You'll need to have recourse. YOU don't want to be locked into a really long-term lease agreement or contract in case you have to evict.
What you might consider is putting a clause in your lease that says that if the tenants stay for one term, they get a discount (not much--say 10% ) for the next term, or a couple subsequent terms--AS LONG AS EVERYTHING is satisfactory. Make sure you allow for inspections, repairs, etc. Cover your own butt.
- Anonymous1 month ago
Look for retired people. They tend to move less often.
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- JudithLv 71 month ago
Good luck with that; there are NO guarantees. I once read a long time ago that the best tenant is a single, older female. I've been renting since 1964 and, based upon my experience, I'd say that is pretty accurate. Not only do they tend to take good care of their residence but they also tend to stay a long time. College kids move out and young marrieds move out usually when they've saved enough money for a down payment on a house.
I moved into a large complex in 1984 and met many widowed or single female who had lived there since the place opened in 1967. Several of them were still living there when they died sometime in the 1980s or 1990s. Some lived there until they needed to move into assisted living or nursing homes. I lived in that complex from 1984 until late 2010 and the only reason I moved to where I am now is because of a bad knee and I could no longer do steps. Management was/is excellent.
Also, it matters what you have to offer. I would want a garage or carport, a washer/dryer in my unit, air conditioning, garbage disposal and dishwasher. I do not want to have to buy my own refrigerator or stove. Apartment should be freshly painted and neat and clean. If there are carpets they should either be clean or replaced. Repairs made. Lawns cared for and, in winter, snow removal.I would want to know what constitutes emergency maintenance; e.g. heating and cooling and plumbing problems which the LL will take care of IMMEDIATELY. No one wants a LL you have to nag to do what the LL should be doing.
- BarryLv 51 month ago
Competitive rent and attend to all issues immediately. The better the landlord you are the longer they will stay.Source(s): UK landlord
- Landlord365Lv 51 month ago
No gurantee of EVER finding a tenant to stay many years.
- curtisports2Lv 71 month ago
Price yourself well below the market and keep your property pristine and screen your applicants carefully. Get someone good in there that always pays and never complains (because you don't give them a reason to complain), and they will never leave. Are you willing to take less than full market? I'll go out on a limb and say no.
- coolLv 61 month ago
just look for families or elderly people