Whether it’s your first time having a tenant or your tenth, you know how valuable it is to have a great tenant. You’ve put a lot of work into making your rental property a welcoming place to live, and you hope tenants are happy with it.
Plus, renting your property out to long-term tenants has its benefits. Unlike a vacation rental, you’re less likely to endure property damage with less frequent turnover. You won’t need to use a cleaning service as regularly as you would between rotating guests.
How do attract and keep an excellent long-term tenant? Remember that there will always be factors out of your control. People move for new jobs or to be closer to family. But for every aspect you can’t control, there’s one you can. Let’s look at the top 3 reasons that good tenants stay to keep you both thriving.
Location, Location, Location
It should be no surprise that location ranks highly as a deciding factor for whether tenants stay or go. In fact, renters cite location and price as nearly equally important and at the top of their wishlist.
If you have some flexibility in choosing where you’ll buy, consider this if you plan to host long-term tenants. While short-term tenants would be more interested in being near tourist attractions, long-term tenants seek ways to turn your house into a home. Most importantly, look at crime rates in the neighbourhood since safety should be on everyone’s list of priorities.
It doesn’t hurt to keep an eye on neighbourhood statistics from time to time for those who have had tenants before. Particularly if you’re noticing a higher tenant turnover rate than usual, it could be one of the determining factors.
Attractive location amenities include being near a highway or transit or being in a safe neighbourhood with grocery stores, parks, or community centres. Consider whether tenants can find some quiet inside, away from outside noises or lights from nearby businesses at nighttime.
Utilities
There can be a big difference in what utilities are offered by a property that can sway a tenant toward or away from your rental unit. Tenants will consider factors like square footage, which is out of your control, but your appliances could make a difference.
Before you jump to the fridge or the oven, one of the appliances that can make a big difference is whether or not you have in-suite laundry. A washer and dryer is a plus for tenants for its convenience.
A stainless steel finish will always outdo its dated white counterparts for other appliances. They offer a sleek and clean look that modernizes your space, no matter how old it is. If you’re able to swap at a time of the year when you find big sales (think: Black Friday), it may be worth it.
One last building amenity is outside your unit: parking. Offering a parking spot is more desirable than being without one. Likewise, a gated or garage parking spot is preferable to street parking.
Reasonable Rules
Rental space is becoming scarcer in B.C, but having reasonable rules around your rental unit can make a huge difference. The majority of tenants are already familiar with restrictions such as non-smoking common areas. But try to put yourself in the shoes of a few different potential tenants.
In general, ask yourself how your rental property would work for a family or pet owner. If your building allows pets, will you allow them in your lease agreement? If you’re hoping to secure long-term tenants, think about what it might be like for a family to grow within the unit (this is another area where the in-suite laundry would be an extra convenience!).
There are plenty of good-natured people out there looking for a place to call home, and we hope they find yours. Remember that owning a rental property serves you the opportunity to be in a good relationship with your community. Nurturing your relationship with your tenants will benefit each of you.