If you are a landlord, or are just familiar with the real estate space, then you have experienced first-hand or heard of tenant turnover. Ultimately, tenant turnover is something that can not always be avoided, although landlords can do their best to experience it as little as possible. The goal when you are a landlord is to obviously have tenants stay (happily!) throughout the duration of the contracted lease, and even further than that through renewals. If you are having trouble with tenant turnover, here are some tips and tricks that you can use to decrease it as much as you are able to:
- Price your rent fairly. First, look at what you are charging monthly and see if it is in line with the market. Is it under market-value? Is it atrociously high, over market-value? Be sure that your rent is priced at a fair rate and is something that is affordable for tenants, yet profitable for you.
- Find tenants with a long-term plan. When you are first meeting with tenants before the lease is signed, ask them about their long-term plan. If they are not planning on staying in the area for a while, then maybe renting to them does not make sense. Be sure that your tenants are aligned with the duration of time they must stay in the space through the contract.
- Work on a positive relationship. Once your tenants are officially renting out your space, do your best to create a positive, reliable relationship with the tenants. If the tenants get along with you as their landlord, they will hesitate to leave the space. Keeping them happy should be one of your number one priorities! Be sure they feel comfortable with you when it comes to reaching out with any types of questions or concerns and ensure that you are continuously on the same page.
- Keep your property modern. Make sure that your space is something that people actually want to live in. Do your best to keep it as modern and up-to-date as possible so that tenants do not feel weary on things falling apart, appliances dying, etc.