With more people moving into rented accommodation and mortgages becoming harder to get, the private rented sector continues to grow significantly.
As renting is becoming a long-term solution for many people, it’s important that you attract tenants who will want to stay in your property by renewing or signing a longer lease once their original tenancy ends.
With this in mind, we’ve put together four ways to help you turn short-term tenants into long-term residents…
Finding ideal tenants is important, but it’s just as crucial that you instruct the right letting agent. This is because they can assist you with finding long-term tenants and building a good relationship with them over time.
Letting agents are a key part of the rental process, as they will support you with dealing with repairs and responding to any problems when they arise. They will also make sure that tenants know what their obligations are throughout the tenancy.
Most importantly, though, a credible agent will ensure any tenancy sails by smoothly and will also contribute towards keeping your tenants satisfied. After all, happy tenants are more inclined to stay for the long run, so it’s in your best interests to make this possible with the help of your agent.
A well-maintained property not only increases the financial potential of your investment but it will also inspire tenants to take better care of the home.
Alongside this, you’ll want to make sure you react to any maintenance and repairs as soon as possible. By doing this, tenants will appreciate your attentiveness and will feel that you are also taking care of them.
A tenant that feels valued and respected is more likely to extend their tenancy, so acting quickly on repairs and building a good rapport with them is crucial if a long-term deal is your goal.
While many landlords stick by the ‘no pet’ policy when it comes to their property, your pool of potential tenants will broaden significantly if you go against the tide.
Being a pet-friendly landlord has its perks. For instance, pet owners typically prefer longer tenancies as it can be more complicated for them to find another pet-friendly option. This could mean reduced void periods for you.
Of course, there are some things to keep in mind if you decide to go down this route – such as the potential damage caused by pets. One way to combat this would be to increase the rent a little to cover the cost of any extra repairs and damages.
It’s important that you target the right demographic for long-term tenancies – unfortunately, students aren’t one of them. This is simply because the majority of them will live in halls for the first year of university and are likely to switch homes during their second and third year – meaning an inconsistent period of tenancies for you.
What’s more, students are likely to return home during the Easter and Christmas holidays. This will leave your rental property empty for some periods of the year.
Luckily, the private rented sector continues to grow year by year. By taking the above measures into account, you can improve your chances of attracting and securing long-term tenants.
At Angels Sales & Lettings, we aim to make tenancies as stress-free as possible for both landlords and tenants. For more information about the services we offer, please get in contact with us on 0800 043 6778.
To find out how much you could be generating in rent each month, you can also request a free and instant online valuation.