Landlord Advice - Securing a tenancy renewal
No landlord wants an expensive void period between tenancies, but what are you doing to help keep good tenants longer?
If your tenant pays the rent on time, has a good credit score and is responsible and respectful to your property, you will likely want them to renew their tenancy.
Here are four tips for securing a tenancy renewal;
- Research. Find out how much other landlords are charging for similar properties in the same area. If you’re charging too much, tenants are unlikely to want to renew their tenancy. Doing your research will also ensure you are well-equipped for potential rent negotiations.
- Respond. If maintenance issues are not dealt with quickly, tenants are unlikely to consider a renewal once their tenancy comes to an end. Building a good relationship with your tenants is in both parties’ best interests. Make sure regular inspections are being carried out and that any issues identified are addressed.
- Resource. If the property has good quality fixtures and fittings, as well as a well-kept exterior, tenants are more likely to want to stay. Make sure your property stands out from the competition for the right reasons.
- Reasonable. If your tenant wants to negotiate the rent, be realistic when you make your decision. Additionally, if you allow tenants to make minor changes to their rental property – for example, by allowing them to hang photograph frames on the walls – this will make them feel more at home and in turn could positively influence their decision to renew their tenancy.
Alex Britchfield | Partner | Davies & Partners