With the rental market so much more unstable than a year or so ago, vacancy rates are up and so there is a smorgasbord of available properties for tenants to choose from. Across the inner city it’s not unusual for an apartment to sit vacant for over a month if the leasing agents don’t keep their ears open for market feedback on the asking rent.
So what can a landlord do to attract more tenants and keep the good ones? Presentation and maintenance upkeep of the home is critical. Allowing pets is a biggie – lots of people have their surrogate child/lap warmer and aren’t allowed to bring them to their rental home. And there’s a list on our website of other items tenants always look for.
One idea that landlords often forget is the offer of a long term lease. Tenants don’t enjoy moving (help me carry the fridge down the stairs anyone!) and if they’ve been there for a term, they like it, you’re happy with their payment history and regard for the home, why not offer them an extended lease of 2 years?
Bees Nees Rob Honeycombe says the stability of a long lease can be a big attraction to tenants.
“If they are happy with the property a longer lease might just be the reason they need to put down their roots. A home is a personal thing to all of us and some landlords probably overlook the connection a tenant can make with the property. Offering a long lease means they can enjoy a greater sense of security and pride in their home and that is a positive thing for all parties.”
Rob says annual or bi-annual rent increases can be agreed in advance. “In this quieter market they might not agree to big jumps in the future but an investor can consider that against the costs of turnover of tenants.”