Long-term tenancies are an ideal situation for both landlord and tenant. They provide stability, reduce turnover costs, and foster a positive landlord-tenant relationship. For tenants, staying in a property for an extended period offers security and continuity.
If you value longevity, here are some strategies you can employ to encourage long-term tenancies.
Find out about our Tenant Find services
Find the right tenants
The most important step in securing a long-term tenancy is finding the right tenant for your property. As such, the tenancy screening process is integral for letting a property if you want tenants who are committed to staying for the long term.
Ellis & Co’s Tenant Find service uses industry leading tenant referencing and background checks to ensure that you’re entrusting your property to a reliable and responsible individual who you would like to stay in the home for the long haul.
Supply white goods
Offering white goods and other useful appliances allows your tenants to move in with less hassle and fewer expenses, which might encourage them to stay longer due to convenience.
Make sure your property’s white goods are modern, clean and reliable. Replace any faulty or old models where necessary and check the energy ratings to see if they could use an update. Your tenant will appreciate the savings they will make on their energy bills.
Consider allowing pets
If you’re comfortable allowing pets into your rental property, responsible pet owners can make great tenants and are usually looking to rent long-term.
The Dogs Trust and Cats Protection found that allowing properties in rental properties is not just good for tenants, but also beneficial for landlords too as it could increase the length of time tenants choose to remain in a property.
The organisation revealed that 26% of tenants would stay longer in a property if they were allowed to keep a pet.
Set an accurate rental price
A competitive rental rate is one of the main things that can persuade tenants to stay long-term.
Research the local rental market to check your pricing aligns with similar properties in your area. While maximising profit is important, charging excessively high rent can discourage tenants from staying put. Offering a fair market rate can make your property more appealing for long-term renters.
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Use a letting agent
Ellis & Co letting agents make it easy to take care of your tenant and your property. Having your property managed by experienced professionals means that things like rent collection, maintenance and compliance issues are covered, allowing you and your tenants a harmonious arrangement.
A letting agent can also organise regular property inspections to ensure that your tenants are taking care of the property, so you can let out long-term with complete peace of mind.
What are the benefits of long-term tenants?
Generally, a long-term let lasts anywhere from 6 months onwards. While they may not offer the same flexibility as short-term lets, long-term arrangements are mutually beneficial for landlords and tenants for various reasons:
- Fewer void periods – Longer stays mean that you will spend less time and money on turning the property around for the next set of tenants.
- Less hassle – Tenants and landlords alike can benefit from the lack of hassle that goes into moving in and out frequently.
- Saves money – Letting to a reliable tenant means there’s a lowered risk of damage to the property.
- Chance to build up a relationship – Having a tenant who is content and comfortable to reach out to their landlord or letting agent fosters opportunity for a great relationship and ensures future business for your property.
Need help managing your investment? Contact our dedicated lettings team today
