Four Ways to Entice Tenants to Stay

When you've found reliable tenants, you want them to stick around. Flipping your rental unit can be both a hassle and an expense; in addition to seeking out new tenants, you also need to ensure the unit is in move-in ready condition, which might require cleaning, painting, and updating. Keeping your current tenants allows you to avoid these costs and rest assured that your property is occupied by reliable people with whom you've already formed a relationship. Fortunately, there are a few things that you can do to ensure that the tenants you enjoy stick around.


1. Varied Lease Options

If you currently offer one-year lease terms, consider broadening your renewal options to entice tenants to stay longer. A landlord with flexible lease options is often appealing to tenants, as they may feel less tied down to a property but happy with your flexibility. For example, you can offer tenants a month-to-month lease with an option to terminate with two-months' notice. This way, tenants have more flexibility in their living arrangement, which is important for those looking buy a home or leave the city in the near future. If you require that tenants sign another long-term lease and do not provide any other options, tenants who are unsure about their future may seek out a property with more flexible lease terms.


2. Renewal Discount

Offering monetary rewards can certainly entice tenants to renew their lease. Decide what type of renewal discount you can afford, and present this offer to your tenants before their lease expires. For example, you can encourage tenants to renew a longer lease by offering a discount on their rent for an 18- or 24-month lease. Even if you don't want to lock your tenants into a long lease, you can still offer a renewal discount for another year.


3. Incentives

Offering renewal incentives can allow you to retain your tenants. Incentives come in a variety of forms, so consider your tenants' needs when using this method. For instance, you can offer professional carpet cleaning to spruce up the unit or send in a cleaning service for a one-time deep clean. Offer a gift card to a major retailer or local restaurant upon lease renewal. These incentives are like investments, saving you the costs associated with finding new tenants and letting your current tenants know they are appreciated.


4. Upgrades

Upgrading your unit has a number of benefits. In addition to increasing its value and attractiveness, a few upgrades might encourage current tenants to renew their lease. Think about what value-adding upgrades will be most welcomed by your tenants. Replace dingy carpeting or appliances that have been a problem for tenants. Offer to have a handyman come in for an afternoon and address minor issues of concern in the home. These upgrades will make your tenants happy, and may encourage them to take care of your property as well.


Rewarding good tenants can benefit both parties in a lease agreement. Your tenants will appreciate your generosity and just might renew their lease as a result. However, your kindness isn't entirely selfless. When you retain your existing tenants, you don't have to deal with flipping the unit and facing the accompanying expenses. Sign those trustworthy tenants on for a few months, another year, or more, and everyone will be happy.

Posted on Nov 24, 2014


The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More

How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More

The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More

Landlord Obligations: The Responsibilities of a Landlord

Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More

The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More

The Best Landlord Forums

Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More

The Biggest Landlord Problems and How to Fix Them

Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More

Landlord Tenant Disputes

If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More

Unpaid Rent

When you talk about the most common disputes arising between landlords and tenants, nonpayment of rent has to be there in the list. People rent their properties to earn money, and when a tenant... More

Section 8 Landlord Pros and Cons

If you have ever rented a living space and have had to move many times, you’d already know how difficult it is to find decent, affordable and secure living premises. A person has to deal with the same... More