6 Factors That Influence Tenants To Stay Longer
Just as there are many reasons why tenants might leave a property, there are also many reasons why they might choose to stay. You are probably interested in having your tenants stay in your property for as long as possible as, like every landlord knows, it can be stressful having to go through the process of searching for potential tenants over and over again. Here are some factors to consider that will help you decide if a potential tenant is likely to stay in your property for a while:
#1. The neighborhood
The location of any property is very important. If your tenants like the neighborhood your property is located in, they are much more likely to stay longer. Not all tenants are the same and you should be looking for those who might possess certain attributes that might make them a better fit for the neighborhood your property is located in.
While some tenants will like the fast-paced urban environment, some would prefer a more laid back sub-urban lifestyle. The overall safety and security of the neighborhood will also be another important consideration. The key to remember is that tenants who fall in love with the neighborhood are much less likely to leave.
#2. The house
This is absolutely essential. Tenants who view your property as a stop-gap while they search for better alternatives are likely to be gone much sooner than you would like. You should be looking for people who seem to genuinely love your house and would like to make it their home.
#3. Do they have children?
If children are settled in a good schools, people are much less likely to readily move house, in the absence of very compelling reasons, particularly in the middle of a school year. On the other hand, if your tenants are not quite happy with the schools in the area, they might have some extra incentive to leave.
#4. Close to family/friends
Being close to relatives and friends is clearly an important factor for a lot of people. If tenants are living close to their relatives or friends, they are more likely to stay in your property, provided there are no better options in the area. It would obviously be very appealing to most people if their parents could easily swing by to watch they kids while they are away at work or simply taking some time off.
#5. Landlord-tenant relationship
Having a good relationship with one’s landlord could be a very important factor for determining how long people will feel inclined to stay in a property. Tenants like it when their complaints are answered and addressed in a timely manner, and if a tenant feels that their landlord actually cares about their needs and the condition of the property, they will be much less likely to move on.
#6. Stable lifestyle
If tenants have a stable lifestyle with good jobs, a thriving family and network of friends, they are much less likely to leave your property.
You might not be able to control most of these factors, such as the safety of your neighborhood or whether or not your tenants get good jobs in the area, but if you are interested in building long-term relationships with your tenants, you can use these guidelines to help you carefully select the ones that are most likely to be a perfect fit for your property.