With increasingly high competition for new tenants in the rental property market, it is becoming more important than ever that landlords retain good tenants.
If your tenant pays the rent on time, has a good credit score and is responsible and respectful, you will likely want them to renew their tenancy. Here are some top tips for securing a tenancy renewal;
Research the local rental market
Find out how much your competitors charge for rental properties with similar specifications. If you’re charging too much, tenants are unlikely to want to renew their tenancy. Doing your research will also ensure you are well-equipped for potential rent negotiations.
Be approachable and listen to feedback
If maintenance issues are not dealt with quickly, tenants are unlikely to consider a renewal once their tenancy comes to an end. Building a good relationship with your tenants is in both parties’ best interests.
Maintain the property well
If the property has good quality fixtures and fittings, as well as a well-kept exterior, tenants are more likely to want to stay.
If your tenant wants to negotiate the rent, be realistic when you make your decision. Additionally, if you allow tenants to make minor changes to their rental property – for example, by allowing them to hang photograph frames on the walls – this will make them feel more at home and in turn could positively influence their decision to renew their tenancy.