Retaining a happy and responsible tenant is in your own best interests as a landlord, or course. Because that way you reduce the “voids” created by existing tenants leaving and new ones coming in – thus maintaining your rental income stream – quite apart from the general hassle and expense of having to advertise for and recruit new tenants.
Here we give some ideas on how to keep your tenant (and therefore, you) happy.
The business relationship
It is important to remember that the relationship between tenant and landlord is essentially a business relationship. You provide the accommodation, and the tenant is happy to pay a fair and reasonable rent for a home that is in good condition.
You are under no obligation to become friends with your tenants – but the key to the relationship seems to be a level-headed consideration of what the tenant considers to be a good deal.
Considerations
Here we outline a few tips on keeping your tenant happy, starring with rent. Probably a key factor for any tenant staying in their rented property is the cost:
- look carefully at your rent increase plans. Will your new price still be competitive when measured against similar properties in the area? If it isn’t, your tenants may simply walk away;
- perform a cost-justification exercise before raising rents. For example, just how much will it cost you in time and effort to replace tenants who might leave following your increase? It’s important to understand the maths and be sure that your increase makes sense when measured against the risks you might be taking of losing your tenants as a result;
- if a rent increase is unavoidable, try to link it to something beneficial they haven’t had previously – in other words, convince them that they’re getting something in return. Notification of a rent increase which is also accompanied by confirmation that (e.g.) you’re installing some new garden furniture might result in a diluted focus on the increase itself.
Communication and problem resolution
- communicate regularly with your tenant. This can help personalise you (or your appointed property agent) as an individual and nip any minor grumbles in the bud before they become a problem. Some tenants may never see their landlord from one month to the next and that might not always be a good thing;
- acknowledge any tenant communications promptly. This makes them feel valued;
- if you’ve received a request for action (e.g., a repair) but it’s one you can’t deal with immediately, tell them why not but say that it has been noted for attention. If possible, offer them a target date for resolution;
- should a complaint arise, try to manage it calmly rather than escalate tensions through rebukes etc. Not all tenant complaints will be justified but they do indicate that the originator isn’t happy and that’s something that should influence your response if you wish to retain them;
- speak to your tenants in person or on the phone rather than use emails, texts, social media and letters. True, there may be times when, for legal reasons, you have no choice but to go into writing, but the written word can be subject to misunderstanding and ambiguity and that can quickly sour a relationship.
More tips on keeping your tenant happy
- respect your tenant’s privacy. Provide advance notice before entering the property for inspections, repairs, or other reasons as required by local laws;
- conduct regular property inspections to ensure that everything is in good condition. This proactive approach can help identify and address issues before they become major problems;
- ensure that the property is secure and meets safety standards. Install proper locks, smoke detectors, and fire extinguishers, and inform tenants about emergency procedures;
- if applicable, provide amenities or services that enhance the living experience, such as a clean common area, laundry facilities, or landscaping;
- be flexible when possible. Accommodate reasonable requests from tenants, such as minor alterations or adjustments that can make the space feel more like home to them;
- have a comprehensive and clear lease agreement that outlines rights, responsibilities, and expectations for both parties. This can prevent misunderstandings later;
- if conflicts arise, handle them professionally and calmly. Try to find a fair solution that benefits both parties;
- if you have a good tenant who pays rent on time and takes care of the property, consider offering lease renewal incentives to encourage them to stay;
- stay updated. Keep yourself informed about relevant landlord-tenant laws and regulations in your area. This helps you operate within legal boundaries and maintain a fair and lawful relationship.
Research and data consistently underline the significance of tenant satisfaction and needs in maintaining a successful landlord-tenant relationship. The modern rental market demands flexibility, transparency, and responsiveness from landlords to ensure tenant retention.
By focusing on factors within your control, such as rent affordability, property quality, and effective communication, you can create a rental experience that meets tenants’ expectations and encourages them to remain. Additionally, considering external factors like location and accessibility further enhances the appeal of a rental property.
While challenges like rent increases and tenant turnover may arise, proactive strategies can mitigate their impact. Landlords who prioritise tenant retention not only reduce turnover costs but also foster a positive reputation, leading to word-of-mouth referrals and attracting new tenants.
Remember, building a positive landlord-tenant relationship takes effort from both sides. By demonstrating respect, responsiveness, and a willingness to work together, you can foster a harmonious and productive rental experience.
