One of the biggest challenges facing landlords and property managers is finding and keeping good tenants. When a good tenant chooses to renew their lease, it can save landlords a lot of time and money in advertising for new tenants and preparing for new move-ins. But what makes a tenant want to stay and renew their lease? In this blog post, we will discuss ten reasons why good tenants stay and resign leases.
A Responsive Landlord: Tenants appreciate a responsive landlord who quickly addresses maintenance issues and responds to their inquiries in a timely manner. A landlord who takes care of their property and tenants will make tenants feel valued and increase the likelihood of them staying.
A Safe and Secure Property: Tenants want to feel safe and secure in their home. A property with adequate security measures, such as locked entrances and well-lit common areas, will give tenants peace of mind and make them more likely to stay.
A Clean and Well-Maintained Property: A clean and well-maintained property is not only visually appealing, but it also indicates to tenants that the landlord cares about the property and their well-being. Tenants are more likely to renew their lease if they feel that the property is well-maintained and in good condition.
A Convenient Location: A property located in a convenient location, with easy access to public transportation, shopping, and entertainment, will make tenants’ lives easier and more enjoyable. Tenants are more likely to renew their lease if they feel that the location of their home is convenient and desirable.
Competitive Rent: Tenants want to feel that they are getting good value for their money. Offering competitive rent rates that are in line with other properties in the area will make tenants more likely to renew their lease.
Amenities: Amenities such as a pool, fitness center, or community room can make a property more desirable and increase the likelihood of tenants renewing their lease. These amenities can also set a property apart from others in the area and attract new tenants.
Respectful Neighbors: Good neighbors can make a big difference in a tenant’s decision to renew their lease. Tenants are more likely to stay in a property where they feel that their neighbors are respectful and considerate.
Clear Communication: Good communication is key to maintaining a positive landlord-tenant relationship. Keeping tenants informed of any changes or updates related to the property, such as maintenance schedules or lease renewals, will make them feel valued and more likely to stay.
A Pet-Friendly Property: Many tenants have pets, and being able to have a pet in their home is important to them. A pet-friendly property can be a major selling point for tenants and increase the likelihood of them renewing their lease.
A Sense of Community: A property with a sense of community, where tenants feel that they are part of a larger group, can increase the likelihood of them staying. Creating opportunities for tenants to connect with each other, such as through community events or social media groups, can foster a sense of community and increase tenant retention.
Obviously, this only scratches the surface of many factors that can contribute to a good tenant’s decision to renew their lease. But by providing a clean and well-maintained property, responsive communication, and amenities that tenants value, landlords can create an environment where tenants are more likely to stay. By investing in these factors, landlords can save time and money by retaining good tenants and avoiding the costs associated with finding new ones. Call or email us anytime if we can be of service.