After months of preparation and upgrades, your rental investment property in Akron, OH, is finally ready for occupancy.
Wouldn't it be fantastic if you could find great tenants you can develop long-term relationships with? After all, you've spent a hefty amount ensuring your property is rent-ready, so you want it occupied for as long as possible. This also helps you avoid the costs of replacing a tenant, which can be nearly $4,000.
To help you achieve that goal, we've compiled our top tips you can use as part of your tenant retention program.
Screen Tenants Thoroughly
The first step to keeping great tenants in your Akron, OH, property is to ensure they're worth keeping. They must always pay their rent on time, treat the property respectfully, and abide by the lease agreement.
Comprehensive screening checks are among the best ways to find such tenants. They include steps that verify an applicant's income, credit, criminal, employment, and eviction histories.
Be Direct and Fair About Rent Prices
Surprising tenants with rent increases (especially drastic spikes) can make them more likely to leave.
While you have the right to raise rent, you should plan for and notify your tenants about it in advance. You must inform them at least a month before their lease expires. Most importantly, set it at a range similar to comparable properties.
For example, in Akron, the median rent price for a two-bedroom apartment is $1,100. If you rent this type of property and decide to start charging $1,500, it could be too much for your tenants. In this case, they'll unlikely sign a lease renewal.
When raising rent, dampen the impact by offering your tenants a discount for the first month.
Suppose you charge $1,100 monthly for a 12-month lease and want to raise it to $1,150. You can then give your tenants a one-time discount of at least $50 that they can use immediately or for another month.
Keep Your Property Beautiful and Livable
Regular property maintenance keeps your rentals livable and in top condition.
For instance, scheduling pest control services quarterly can help prevent critters from infesting your unit and, thus, your tenant's home. Likewise, addressing plumbing leaks ASAP keeps them from causing water damage and mold growth that can have adverse health effects.
Consider Allowing Pets in Your Investment Property
Tenants may not have a pet at the time of their application, but they may want to have one in the future. A strict no-pet policy could be enough to make them move out if they decide to get a pet at the end of their lease.
That can be a massive loss to you if they're great tenants. So, consider letting them have pets, but raise the rent price accordingly and require pet insurance.
Make Your Best Tenants Stay
Screening tenants, offering discounts, maintaining your property, and allowing pets can all help you keep your best tenants. These require proper preparation, but fortunately, a rental property management company can help.
Our team of experts at PMI Cuyahoga Valley RAL specializes in property management in Akron, OH. We can help with everything you need, from finding great tenants to making them happy so they'll want to renew their lease.
Reach out to us today! We'll gladly discuss what we can do for your investment property.