A Guide to Attracting and Retaining Today's Renters
Happy tenants, Happy life: Keep your renters smiling.
It is essential for landlords to find quality tenants for their rental businesses. Not only does it ensure that their investments are safe, but it can also help them maintain a positive relationship with their tenants. To achieve this goal, landlords need to take the necessary steps to ensure they are getting the best possible tenants for their property.
Even though it will be impossible to control exactly who applies for a place on your property, you can take several steps to ensure that you’re getting the highest quality applicants.
You will be able to make a successful rental business by understanding your renters, your tenants’ preferences, and how to keep them as tenants.
If you want to find the best tenant for your property, keep these things in mind:
ATTRACTING AND KEEPING TODAY’S RENTER
The characteristics of today’s renter
- Approximately 84% of renters are under the age of 50, and their median age is 32 years old.
- The percentage of college graduates is 51%
- There are 35% of people who own pets
Landlord Preference:
Independent landlord – 47%
Property management company – 34%
Property manager – 23%
ENSURE YOUR PROPERTY IS CHOSEN BY RENTERS
The following factors should be considered when deciding if a rental property is right for them:
- 82% of renters who prefer in-person tours to get a “feel” for the property.
- In particular, 64% want to meet rent management if they are renting a single-family home.
- Online resources were used by 84% of renters in their search for a home.
The clock is ticking.
- Almost 71% of potential renters want a response from the manager within a day of contacting them.
- In fact, 31% of renters expect a response within an hour.
The top priorities of renters are:
- Budget-friendly housing
- Having a safe neighborhood
- Finding a pet-friendly place
The following are things renters are looking for:
- Supermarkets
- A restaurant
- Places to park
- Short commute times
- Internet speed
- Areas outdoors
WHY YOU SHOULD ENCOURAGE TENANTS TO STAY:
- Apartments turnover at a rate of 54% per year
- 35% of renters who are not planning to move within the next year.
- It is estimated that 56% of renters who have rented a space for five years or longer are no longer looking to move.
HOW TO ENCOURAGE TENANTS TO STAY:
Make sure your maintenance is up to date
Respect and courtesy are essential
Tenant needs and wants should be considered
Renewals should be proactive
Leases should be extended
Renting out an investment property can be a great way to earn money and expand your real estate portfolio. The best way to protect your investment property from potential risks associated with renting is to be as informed as possible about the people you rent out to.