Click To Call: 267-929-1500

How to Attract Long-Term Tenants

Renting out your house in Philadelphia can be a great way to earn a stable passive income. However, if you want your rental business to succeed, you need to find reliable, long-term tenants.

Short-term tenancies can earn you a higher rental income in the short term, but they come with many risks. Moreover, you’ll have to spend more money on advertising to fill your vacancies quickly. That’s why most landlords prefer to rent their homes for the long term.

Finding reliable tenants can seem like an impossible feat. But it doesn’t have to be this way! To help you, the experts at TrustArt Realty have written this guide.

Keep reading for our best tips and tricks about finding and retaining tenants for the long term.

How to Attract Long-Term Tenants

1. Advertise Your Rental Property

Rental property marketing goes a long way in filling your vacancies quickly. It’s crucial that you write a good listing.

By running ads on several platforms, like social media, real estate websites, and your local newspaper, you can attract a wider pool of tenants. This way, you’ll be able to find the perfect renter for you.

2. Set a Competitive Price

Pricing plays a crucial role in attracting and retaining tenants, as well as getting a good return on your investment. Charging too little can help you find tenants quickly, but it can leave you with meager or even negative profit at the end of the month.

On the other hand, charging too much for rent can drive potential tenants away.

Writing on a graph paper, where the words “competitive pricing” are circled in red.

Before setting your rental rates, take the time to research the local market. This way, you’ll be able to ensure that your prices are competitive and fair to renters.

3. Invest in Upgrades

Making your rental property stand out can significantly increase your chances of finding long-term tenants quickly. Amenities and upgrades such as a renovated kitchen, a fenced backyard, and new appliances can draw more renters to your property.

4. Screen Tenants Thoroughly

One of the most effective ways to secure long-term tenancies is to choose reliable tenants from the start. The best way to do this is by conducting tenant screenings.

The screening process typically includes checking their background, credit score, and references. This can help you identify renters who are more likely to pay rent on time, take care of the property, and adhere to the terms of the lease.

Not only will you earn a stable rental income, but you’ll have peace of mind, knowing you’ve chosen a trustworthy tenant.

5. Keep Your Rental in Good Condition

A poorly maintained rental property can lead to higher tenant turnover rates and longer vacancies. If you want to retain tenants for the long term, you must ensure your property is always in good shape.

Doing regular maintenance, dealing with repairs promptly, and consistently checking that all appliances and systems work correctly will help keep your tenants happy.

A close shot of the controls on an oven.

6. Build a Good Relationship with Your Tenants

Building a strong and positive relationship with your tenants is essential for encouraging long-term stays. You can start by making sure your renters feel welcomed when they first move in.

Taking the time to clean the property, introduce them to neighbors, and sharing recommendations of nearby stores and recreation won’t go unnoticed by your tenants.

Keeping open lines of communication with your renters goes a long way. By communicating respectfully and responding promptly to their concerns, you can establish a sense of trust.

This will help demonstrate that you value your tenants and their well-being which is crucial for building long-term relationships with them.

7. Reward Loyalty

If your tenants feel respected and appreciated, they’re more likely to stay on your rental for the long term. A great way to show your renters your appreciation for them is to implement a loyalty program.

Whether it’s a rent discount, gift cards, or property upgrades for tenants who have been renting from you for many years, a simple token of appreciation can go a long way in encouraging renters to stay for the long-term.

8. Understand Tenant Rights and Regulations

Understanding your local landlord-tenant laws can go a long way in building a good relationship with your tenants. Before renting out your home, take the time to familiarize yourself with tenants rights, security deposit laws, Fair Housing laws, and even what the eviction process is like in your state.

A judge’s gavel.

This will help you ensure you treat tenants fairly and respectfully, which can make them want to stay on your rental for the long-term. Moreover, compliance with these laws will help keep your investment protected from liabilities.

9. Work with a Property Manager

Managing a rental property can be exhausting and time consuming. After all, emergencies can happen at any time, so you’re never really off the clock.

If you don’t deal with regular property upkeep, tenant requests or repairs promptly, your renters could reconsider their stay. But that’s a lot of work; luckily, you can ensure your tenants and your property are well-cared for at all times by hiring a trusted property management company.

These professionals can help you with anything from screening tenants to property maintenance. With their help, you renters will always be happy and your investment will remain profitable for the long term.

Bottom Line

Attracting and retaining long-term tenants is a goal that every landlord has. By keeping a well-maintained property, offering competitive pricing, building strong relationships, and screening tenants, you’ll be able to get the best return on your investment!

Need help filling your vacancies? Contact TrustArt Realty today! Our team will be able to find you long-term tenants quickly and easily.

five-star

I am a real estate investor in Philadelphia and could not be more happy with Yuriy and the rest of the team. Yuriy himself has over 10 years experience as an investor himself and his knowledge of the geographic region has been critical to our decision making. We are currently using Yuriy as our realtor and as our property manager. He is responsive, knowledgeable, and easy to work with. He has saved us from multiple potential bad situations in looking for investments. Because of his attention to detail, our closings have been very smooth. We also have to do most of our investing out of state and the Trustart team makes it easy. I would highly recommend Yuriy and the Trustart team as a realtor or property manager for anyone in Philadelphia - we are lucky we found them when we did!

Kealan Hobelmann Rental Property Owner