7 Things That Really Impress Tenants Looking for a Long-Term Home
Moving to a new home is expensive, with tenants and landlords feeling the financial implications of moving equally. For landlords, home search websites charge high fees to advertise property. Additionally, if your tenants move out you risk your property sitting unoccupied for weeks or months, which compounds the costs associated with finding new tenants and can leave you with an extra mortgage to cover. If your property is empty for extended periods you may also accidentally jeopardise your insurance policy.
For tenants, the cost of moving personal belongings can rack up hundreds of pounds, especially if they are renting unfurnished. For tenants, home search websites usually charge a premium to contact newly listed properties, and most tenants need to save a new deposit before receiving their previous deposit back. There are also high costs associated with end of tenancy cleaning, hiring a moving van and potential loss of deposit for damages caused during their tenancy.
The Mutual Benefits of Long-Term Tenants
Given the costs and time commitment it is in everyone’s interest for landlords to provide appealing long term homes so tenants want to stay longer!
Tenants who stay in one place for long enough to feel settled have more stability. They tend to have steady jobs with consistent income, build strong social networks, explore the local neighbourhood and create a sense of home in your property.
This means they are willing to look after your property and keep your revenue flowing.
Why do great tenants leave?
One of the main reasons why tenants move out of properties is their desire to live somewhere that feels like their own home. When properties feel restrictive, limit tenants to someone else’s taste or prevent them from having things that would make them more comfortable they look for somewhere else to meet their needs. It can also mean that more affluent tenants move onto the property ladder, which can affect the rental market with experienced tenants making way for younger, more novice renters.
In a hurry? Here’s your summary
Long term tenants means long term revenue and reduced expenses and hassle. The secret to keeping tenants long-term is to keep them happy by providing a great home with desirable amenities, a personal approach and easy, flexible rules.
When tenants are happy in a rental property they look after it, choose to make it a real home and may stay for years, often deciding against buying property of their own because they would prefer not to move.
There are 7 things landlords can do to make their rental property more attractive to long-term tenants.
Provide Great Amenities
Install High Quality White Goods
Allow Your Tenants to Decorate
Create Clever Storage Solutions
Welcome Pets in Your Rental Property
Maintain Your Property
Be an Easy Landlord
Provide great Amenities
Tenants appreciate amenities such as gardens, courtyards, gyms, family sized bathrooms and home offices, Especially these days private outdoor spaces and home office space are highly sought after. If you have a HMO consider providing a common room and a great kitchen.
Install high quality white goods
Do not skimp on white goods. These are especially helpful if you do not have great any of the amenities mentioned before. Appliances that work well, are or feel new and make life easy are a great investment. Make sure your property has sufficient fridge and freezer space, offers plenty of cooking facilities and has a quality washing machine. Most tenants, especially professionals and families, will also appreciate a dishwasher and tumble dryer. Having modern appliances with all the trimmings will help your property stand out on home search websites, leading to faster occupancy with reduced advertising costs.
Allow Your Tenants to Decorate
Being flexible gives your tenants space to put their own personality into your property to make it feel like their home. Stimulating a tenant's desire to nest encourages them to treat your property with care and pride, and helps maintain your property to a high standard with regular decor upgrades. Remember if you are uncomfortable, you can always attach a condition that the property be returned to more neutral colours before the tenant moves out or rent the property unfurnished.
Unfurnished rental properties give tenants the flexibility to design the floorplan around the lifestyle they want. It is also more hygienic for tenants to use their own soft furnishings, mattresses and floor coverings and saves landlords having to replace or upgrade expensive furniture over time or with each tenant change over.
Create Clever Storage Solutions
Built-in storage solutions create feelings of light and space, which can make your property feel bigger. Custom wardrobes, hidden cubby holes and clever use of alcoves or window ledges can enhance mental wellbeing.
In small spaces, smart storage solutions with multi-functional uses can add extra rooms to your rental property. You may like to build a shelf to place a guest bed above a home office or install custom storage cupboards in a hallway.Welcome Pets in Your Rental Property
One of the key motivators for renters to take the next step towards buying property of their own is to have pets. Most renters would love to have a pet but are often afraid to ask permission or worried the next flat they move into will mean having to give their pet up.
Allowing your tenant to have pets not only keeps them happy, but also makes it difficult for them to move out as properties that allow pets are harder to find.Many landlords worry that allowing pets will damage their property, however the opposite is usually true. Tenants with pets are more attentive when it comes to cleaning, and more likely to repair damages if and when they occur than tenants without pets. Most pet owners are aware that having pets means extra chores, and as such, clean more diligently.
Maintain Your Property
Looking after your rental by keeping it in good condition encourages tenants to best look after it. Mould should be professionally removed, carpets should be replaced regularly, ideally every 3-5 years, and a fresh coat of paint applied annually to keep the property feeling healthy and new. Many landlords also include a regular cleaning service in the rental agreement, which has the added benefit of ensuring tenants keep the property in good condition.
Be an Easy Landlord
As any experienced landlord would tell you, there is more to being a landlord than simply owning a rental property and collecting rent. At the very minimum being a landlord requires being available when issues arise. Good landlords solve the problem as quickly as possible while great landlords, invest much more into being proactive in looking after their tenants beyond simply providing a flat and solving problems. The best landlords show empathy towards their tenants, taking active steps to make their property worth living in and accommodate requests.
Landlords who are friendly, approachable and easy to deal with save a considerable amount of money as they are approached early when there are problems. This prevents more costly remedial actions later. Additionally, tenants who feel their landlord is flexible are less inclined to trouble them, preferring to solve simple problems themselves usually at their own expense.