How to Retain Tenants in Your Houseshare or Houses for Rent
Experienced landlords know just how hard it is to find good and reliable tenants for their houses for rent. So once good tenants have been found, either for a househare or whole property it is important for landlords to retain their tenants for as long as possible. A few simple steps can really help to make sure tenants want to stay for longer.
The first thing to consider is why tenants leave. Some tenants will be forced to leave through a change of job or lifestyle and there is little that the professional landlord can do about this. However many tenants will leave simply because they feel their problems are not being addressed and think that there are better houses for rent available. If you are renting out room in a houseshare, tenants will also be very sensitive to price increases.
Looking After Your Tenant
Landlords who want to keep their tenants should look after them properly. Tenants should feel that you care about them properly and fix any problems quickly. This alone can often prevent tenants looking at other houses for rent.
If the tenant raises a problem with the house for rent such as a shower that has stopped working or a blocked drain then you should respond by phone immediately to let them know that you are aware of the problem and to explain what you are doing about it. You should always take action on the same day, even if the tradesperson might not be available until the following day. Make the tenant feel that you a dealing with the problem as quickly as possible.
In houseshares, the landlord usually has to check the property regularly as to make sure it is clean and tidy. This allows the landlord to spot any problems and have them fixed.
Consider Rent Increases Carefully
If you have a good relationship with your tenant and they generally pay the rent on time and keep the property in good condition, then consider any increases very carefully. An increase can often trigger the tenant to immediately start looking at other houses for rent to check how your proposed amount compares to other properties on the market. As part of this price checking the tenant may very well see another rental property that he prefers to yours.
It is important to try and keep tenants staying in houseshares for as long as possible to reduce the time and effort it takes to find new flatmates.
Just one month’s void costs can often be substantially higher than the additional letting income that you would have collected from your tenant, and your next tenant being so reliable. You should consider whether any proposed rent increase can be justified and whether the new rent would seem reasonable to the tenant.
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