How to Attract Long-Term Tenants

Are you thinking about renting out your home in Virginia? You’re bound off to the right track!

The state of Virginia has an untapped potential for real estate investments, especially rental properties. With its strong local economy, growing population, and high quality of life, this state is highly sought after by renters.

However, in order for your Virginia rental to succeed, finding reliable, long-term tenants is crucial. If you don’t know how to attract long-term tenants, you’ve come to the right place!

In this article, the experts at Vesta Property Management will go over everything you should know about attracting renters. Keep reading to learn how you can reduce your turnover rates and ensure the profitability of your rental investment!

Why Attracting Long-Term Tenants Is Important

Renting out a property in the short term, such as on a week-to-week or month-to-month basis, has many benefits. This includes higher rental profits and more control over your investment.

Renting out your Virginia property for longer terms can come with the following benefits:

Reduced Turnover Costs

Each time a tenant moves out, you have to advertise, clean, maintain, and prepare your rental property for new occupants. All of this can result in increased operational costs, which can be hard to fund when you’re no longer getting a rental income.

By attracting long-term tenants, you can significantly reduce the frequency of these activities, minimizing these costs.

Easier Property Maintenance

Tenants looking to stay on a property for the long term are often more responsible. This means that they’re more likely to take good care of their rented unit. This can result in fewer maintenance issues and a lower risk of emergency repair, which can go a long way in maintaining the value of your investment.

Stable Passive Income

By finding reliable tenants, you won’t have to worry about late or missed payments. Instead, you’ll be able to count on a consistent monthly income, ensuring long-term financial stability.

Reduced Vacancy Rates

For every day that your property is vacant, you’re losing money. Long-term tenants help ensure the property remains occupied for longer periods, reducing vacancies and ensuring a stable revenue over time.

Reduced Administrative Work

High tenant turnover rates always mean increased administrative workload for landlords. After all, when a tenant moves out, you’ll have to spend more time advertising your rental, going through rental applications, screening tenants, and then, getting new tenants settled in.

By renting out your property for the long term, you’ll minimize your workload significantly, giving you more time to focus on other crucial aspects of property management.

How to Make Your Rental Property More Attractive to Long-Term Tenants

Attracting long-term tenants is highly beneficial for landlords. But how exactly can you find reliable tenants? Here are 5 things you can do to make your property more attractive to long-term renters:

1. Target Your Ideal Tenant Demographic

The best way to fill your vacancies is by advertising your rental property. But what not many landlords know is that a good marketing strategy can help you attract your ideal type of tenants, including long-term renters.

For instance, you can explain that you’re looking for at least a year-long lease on your listing. Additionally, you can create ads to target tenants who are less likely to move regularly, such as families, young professionals, or even tenants with pets.

2. Upgrade Your Property

Tenants are more likely to stay longer on a property if they are comfortable and happy in it. Property maintenance plays a crucial role in this.

By regularly cleaning and maintaining your rental property, as well as making any needed repairs promptly, tenants will be more likely to renew their leases.

Additionally, investing in upgrades and renovations, such as buying new kitchen appliances, boosting the curb appeal, installing new flooring, or changing the light fixtures, can help you retain tenants for even longer periods. After all, no one would pass up the opportunity to live in a great rental!

3. Screen Tenants Thoroughly

Screening prospective tenants is a crucial step in the leasing process. By checking each applicant’s credit score, income, employment status, and criminal history, you’ll be able to weed out problematic or unsuitable tenants before it’s too late.

Additionally, by checking applicants’ rental history and calling their former landlords, you’ll be able to see if they’re constantly moving or if they tend to stick to one place for long periods. This will make it easier to find long-term tenants.

4. Get Good Reviews and Word-of-Mouth Referrals

Long-term tenants can be picky about their living accommodations. Since they’re planning to stay on a property for long periods, they’ll take the time to ensure that the unit and the landlord or property managers fit their expectations.

A great way to attract long-term tenants is by boosting your reputation as a landlord. Reviews from former happy tenants about their good experiences living on your property can make the difference for prospective tenants who are on the fence about renting out your property!

5. Partner with a Property Management Company

Attracting and retaining long-term tenants requires around-the-clock availability. If you fail to address tenant complaints or maintenance requests promptly, renters will be more likely to leave when their lease expires or even try to break their lease early.

By partnering with a property management company, you’ll gain the knowledge and tools to create a tailored marketing campaign to attract long-term tenants. Additionally, they can take over all maintenance and rent collection tasks for you, helping you keep tenants happier and more satisfied.

Bottom Line

Renting out a property over the long term can result in a steady stream of income, lower administrative work, and reduced maintenance work.

However, finding reliable long-term tenants is not always easy. You can increase your chances of attracting great tenants by creating target advertisements for your rental property, investing in property upgrades, screening tenants thoroughly, and building your reputation as a landlord!

If you need help finding great long-term tenants in Virginia, contact Vesta Property Management today!