There is a reason you, as a landlord, rent out your property. You want to make money. When you rent to others, you come to realize that some residents aren’t so great, some are fine, and then there are the golden ones.
However you define a ‘golden resident’ is up to you. This article is here to give some tips and suggestions on how to retain those golden residents for longer periods of time because, honestly, they’re not always the easiest brand of people to find.
Keep up with repairs - Since your property is your investment you want to make sure it’s in the best shape possible. Otherwise, it will stop giving you the returns you’re looking for. Repair the roof, update old flooring, and efficiently respond to fixes that residents request in their apartments.
Be mindful of what residents want - They want a safe place to live in a convenient location, but they also appreciate options that may be considered extras. The basics would be a place to park their car, an on-site laundry facility, air conditioning and heating. Landlords have been picking up on these and I’ve noticed that most places I look at include everything on this list. Another extra that I would love to see a lot more of? Storage space. Affordable apartments are made to cover the essentials which means there isn’t a lot of extra space. Figuring out a way to offer more storage space would definitely help your golden residents feel more comfortable in the space they utilize. You can also ask your residents what they would like. This will give you some more ideas.
Let them know what you’re doing for them - Don’t be obnoxious about it, or expect accolades in return, but when you’re doing something you’ve consciously thought would help your residents, let them know. If you’re installing new windows that will help them have a lower heating bill, mention that as a reason. If you are repaving the entrance to the parking lot so their cars no longer scrape the pavement from the large dip, tell them. Sometimes as a renter I don’t realize everything my landlord does for me. When they let me know they are trying to help me as a renter it can help me have a more positive view towards them, as opposed to seeing them as the person who simply takes my money every month.
Allow them to personalize their space - According to a UK survey, when renters were asked what would make them stay in a rental unit longer, this was the third reason they listed. Being able to paint and decorate and personalize their space makes it feel more like a home. A space they feel comfortable in isn’t necessarily one they will want to leave right away.
Golden residents are worth the extra effort since, in the long run, they tend to cause you less work and stress. Retaining them is also cheaper than trying to find new residents to take their spot. Try some of these tips out to see how it helps both of you have a more positive experience with the renting process.
