Did you know that the average renter stays for three years in a single-family home?
It's impossible to prevent tenants from leaving, as there are life factors that motivate people to start new adventures. But if you haven't been investing in long-term tenants and have been focusing on short-term ones instead, then you're going about things wrong.
Below, we'll highlight the benefits of long-term renters so you can see why it's worth it to facilitate long-term relationships.
It'll Save You Time and Money
When a tenant moves out, you'll need to put in work to get the unit looking brand new again so you can attract new residents. You'll also need to put out ads, schedule showings, and interview potential renters.
Not to mention, while all the above are going on, the unit will sit unrented, which means there's no revenue coming in. On average, it costs almost $4,000 to replace a tenant when they leave your property. And it can take almost 18 months to recover that cost fully.
They'll Take Better Care of Your Property
When a tenant lives somewhere long term, they'll be more motivated to take good care of the place. Those who will only be around briefly won't care as much, as they'll be off to somewhere new within a few weeks' or months' time.
Long-term renters will want to keep up with a functional, clean, and undamaged property so they can be comfortable and safe. They'll also have more of a personal attachment and investment.
At the first sign of trouble, they'll call you for repairs and maintenance. As a result, they'll help you prevent the property from falling into disrepair.
There's More Trust and Security
You've already gone through the screening process with existing renters. And with time, they've shown they're trustworthy, as your property's still in good condition, and they've always paid their rent on time. This can give you peace of mind and less stress.
On the other hand, if you have a high turnover rate and you rent out one unit to five different people within a year, you'll keep wondering if the new tenants are ruining your property. Even with a decent security deposit, it may not be enough to cover devastating damage.
You'll also agonize each month about whether these people will turn in rent on time. And if not, you'll have to chase them up.
Focus on Long-Term Tenants
As you can see, it's worth it to focus on long-term tenants rather than short-term ones. It'll save you time and money, and it'll be less stressful as well.
And if you hire a property management company, you won't have to have a hands-on approach at all. For instance, we at Renters Warehouse can make it easy to have passive income streaming in from your properties. We'll handle all the hard work, so you won't have to.
Do you need help managing your rental property? Then get in touch with us now.