January 19, 2022

How to attract (and keep) long-term renters

Finding a great rental occupier who looks after your property and stays for the long term is like the holy grail when it comes to owning a rental property.

These renters work with you to maintain the value of the property and help provide financial stability to ensure the viability of your investment.

But how can you attract and then keep them?

Here are six tips on how to attract and keep long-term renters…

Price it right

Although it might be tempting to push the rental price to the upper limit, a more circumspect approach often pays off.

That means perhaps foregoing an extra $5 a week in rent and pricing the property competitively.

This helps attract a greater pool of potential renters, giving the property owner greater choice when it comes to finding rental occupants of a high calibre.

Meanwhile, it’s important to note this approach often pays off in the long-term. That $5 less a week is quickly recouped when a property changes hands less frequently.

Weigh rent hikes carefully

Every rental owner should speak with their property manager annually about the price of their property to ensure it’s in line with market conditions, but it’s also important to weigh any potential rent hikes carefully.

If you have a long-term rental occupier in residence, a major rent increase might just be the catalyst for them to start considering moving elsewhere.

That’s not to say you cannot increase the rent to reflect higher prices. Again, it’s about weighing that rise carefully against the value of the long-term occupant and the possible costs associated with having them vacate.

Maintain the property

When the owner cares about the property, it’s more likely the rental occupier will too.

And if you have any maintenance tended to on a regular basis, the occupier is also likely to feel respected, appreciated and valued.

Make repairs promptly

A major bugbear for many rental occupiers is repair requests that take too long to be answered or the issue takes too long to fix.

When the owner handles repairs promptly, they are indicating they value the occupier and care about their situation.

It’s also worth appreciating that occupiers often request a repair in the interests of looking after the property.

In other words, it’s a situation where the rental occupier and property owner should be working together to maintain the value of the property and ensure it’s a great place to live in.  

Consider rental occupier requests

Every now and then a rental occupier might make a request to do something to the property that makes it more livable for them.

These requests might range from adding extra picture hooks, to changing the curtains, installing fixed shelving or perhaps gaining permission to have a pet at the premises.

These requests are worth considering. Often they tell the property owner the occupier is happy in the home and keen to stay but are seeking to tailor it to their liking.

And the more you consider the occupier’s perspective, the more likely they are to stay.

Hire a great property manager

A great property manager has the ability to look after a home while meeting both the needs of the rental owner and occupier.

They can see both sides of the coin, offer valuable advice about when maintenance needs to be done, and swiftly handle any repairs.

They are available, professional, and unflappable, acting as the go-to point of contact for all parties in the rental process.

In other words, if you’re looking to find and keep a great renter, an amazing property manager is a must.

How we can help

Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.

We manage every property as if it were our own and you can learn more about our property management services here.

Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.