Furthermore, following up with maintenance requests and addressing tenant concerns promptly will allow you to spend less time on repairs when the unit needs to be rerented. Regularly assessing the unit will help you remain on top of maintenance issues that need to be addressed and will prevent lesser repairs from becoming major problems!

Be a Responsible Landlord

When it comes to tenants, never underestimate the value of being compassionate! If you're a kind and cooperative individual, your renters are more likely to want to renew their lease. Kindness and respect help in all aspects of life, but are especially important when interacting with renters. 

Respond promptly to questions and tenant complaints and make it easy for the tenant to reach you. Make sure to keep lines of communication open so you can avoid misunderstandings and improve your tenant-landlord relationship. Being nice and considerate can go a long way toward making tenants feel at ease in their home! 

Consider having professionals come when your tenants are at work if you need to make any repairs. This way, you won't disrupt their day. After all, the more a house feels like home, the more likely it is that a quality tenant will stay! 

A cooperative attitude also sets the tone for how you want to be treated in return, which increases the likelihood that your tenants will respect you and your property!

Understand Your Tenants' Needs

Are your tenants looking for a high-speed internet connection, open floor plan, or a lovely outdoor area? It's critical to understand what features today's tenants seek in a rental property so you can better satisfy market demand. 

Many tenants, particularly younger generations such as Gen-Z and Millennials, consider lifestyle quality while deciding whether to move or renew their lease. Even though you own the property, your tenant should feel like it’s their home! 

You can do several things to help foster a more comfortable environment and encourage your tenants to stay longer. Offering amenities that tenants value can help you attract better long-term tenants and encourage them to renew their lease. 

For rental properties in neighborhoods with universities, tenants may be searching for features such as safe bike racks or quiet study areas. Other thoughtful upgrades, such as stainless steel appliances, hardwood floors, and central air conditioning can help a house feel more like home. 

If you are looking to attract prospective tenants or encourage current tenants to stay longer, these changes could be a crucial and beneficial investment.

Offer Long-Term Leases

To ensure tenants stay for the long run, you can request that they sign a longer-term lease at a lower rent rate. For instance, consider extending the lease to a year for tenants who renew every six months. Additionally, you can offer to extend the lease to two years at a discounted rate for the tenants who renew annually.

While you may lose out on rent increases if you use this strategy, it may be worth it to have a dependable, rent-paying tenant. Make sure you assess your rental price and earnings so you can choose which choice is the most cost-effective.

Treat Tenants Fairly

No renter wants to feel that their landlord is neglecting them, which is why all landlords should be aware of and follow local and federal housing rules. So, regardless of your tenant's ethnicity, religion, sexual orientation, or physical ability, you must be consistent in how you treat renters. 

This includes responding to them quickly, addressing any issues and not overcharging rent. Although you can charge any amount you want, raising the rent price too much for individuals based on protected characteristics can put you at risk of being sued for discrimination.

Reasonably Enforce the Terms of the Lease

It’s important to include your property regulations in writing before the lease is signed, whether they pertain to safety, pet security deposits, waterbeds, or blocked toilets. Taking a step further and stating the consequences of breaking these guidelines clarifies your expectations and your renter's responsibilities!

If your long-term tenant begins to break the rules or policies you've established, talk to them before taking action. If you receive complaints from neighbors, you should speak with your renters to obtain their side of the story before jumping to conclusions. 

Also, be sure to check local and federal housing restrictions as fair enforcement of lease terms usually adhere to a few mandatory guidelines.

Closing Thoughts

You may be better able to attract and retain long-term tenants who respect your property and lease terms if you use the above suggestions. However, before you can keep a fantastic tenant, you must first find one! 

Self-managing a rental property necessitates a significant amount of time and work. Many first-time landlords are taken aback when they discover how much energy they must devote to managing a property. 

The premier Chicago property management firm MTD Property Management is here to help you realize your financial goals, whether you are a first-time landlord or a seasoned investor!