Property Management Blog

Are you a landlord looking to secure reliable, long-term tenants? While investing in rental property can yield substantial rewards, the real challenge lies in keeping tenants happy and minimizing turnover. 

A steady rental income, along with potential property appreciation and tax benefits, is at stake. 

However, high tenant turnover can create financial strain, leading to lost income and increased costs for advertising, cleaning, and repairs.

To enjoy the full benefits of your investment and create a stress-free rental experience, it’s essential to focus on attracting long-term tenants. 

If you’re unsure how to get started, you’re in the right place! In this guide, the experts at The Maryland and Delaware Group PM will provide you with effective strategies for drawing in and retaining reliable tenants. Let’s dive in!

Top Tips to Attract Reliable Long-Term Tenants

Attracting long-term tenants minimizes the need for frequent advertising, cleaning, and property maintenance between tenants, leading to lower operational expenses.

Additionally, long-term tenants provide a stable, reliable source of income, ensuring a stable return on your investment. 

If you want a stable income and a reduced administrative workload, here are six things you can do to attract reliable, long-term tenants: 

1. Set a Competitive Rent Price

When pricing their rental properties, most landlords only think about how much they would like to earn, without considering the current market trends. 

This can lead to charging too much, which will drive prospective tenants away. Unfortunately, the alternative is not better. Underpricing a rental property can lead to a negative cash flow and financial strain. 

If you want to attract quality tenants, you must set a competitive price for your Eastern Shore rental. 

You can do this by researching what other comparable properties in your area are charging for rent. Additionally, it’s good to consider the current tenant demand. 

For instance, if there are many unoccupied rentals in your area, but not many interested tenants, pricing your property under the market rate will help you attract tenants more easily. 

2. Create an Attractive Rental Listing

You won’t be able to attract great tenants if you don’t market your rental property!

Nowadays, most renters look for new places to rent solely online. 

In order to gain their attention, you must create an attractive rental listing. Start by taking quality pictures of the property. 

Grainy pictures or no photos in a listing tend to drive tenants away, while quality pictures with good lighting and staging can make a listing much more effective.

Start with an attractive headline that includes key information about your property. “Charming 3-Bedroom Home with Spacious Backyard in Prime Location” is a great example. 

All other relevant information, such as the number of bathrooms, rent price, specific location, and amenities, can be included in the description. 

Once your listing is ready, post it across several real estate websites to reach a wider audience.

3. Advertise Your Property

Don’t be confused, posting a rental listing online is not enough to attract long-term tenants. With hundreds of properties listed for rent every day, your listing can quickly get lost with the rest. 

To avoid this, you should actively work towards advertising your property. You can try digital marketing strategies such as creating social media ads and posting your listing on local real estate forums. 

Additionally, it’s a good idea to use traditional marketing strategies such as placing a “For Rent” sign on your front lawn or hosting open house events to generate more interest in your property.

4. Upgrade Your Property

If you’re regularly advertising your property and can’t seem to find tenants, chances are your property might need to be revamped. 

Investing in simple upgrades such as new flooring, new kitchen cabinets, new fixtures, or a new coat of paint can make your property much more attractive to tenants. 

This can help you retain tenants for longer periods. Tenants will be more likely to stay on your rental for longer if they see you care about your property’s condition!

5. Screen Tenants Thoroughly

While attracting a wide pool of prospective tenants increases your options, it doesn’t mean that you’ll find quality tenants right away. 

In order to find the best fit for your rental, you must screen each applicant thoroughly. Checking their employment status, current income, credit, and background will help you determine whether they’re responsible. 

Checking their rental history and talking with former landlords will also help you determine whether they tend to stick in a place for long periods or if they tend to move around a lot, which is key for identifying long-term tenants.

6. Partner with a Property Management Company

Attracting reliable, long-term tenants is no easy task. Creating a listing, marketing the property, conducting property showings, and screening applicants are incredibly time-consuming tasks. 

If you don’t have the time to do all of this or just need some help, you should consider partnering with a property management company. 

They’ll be able to help you attract and retain tenants for the long haul with minimal effort.

Bottom Line

Renting out a property can indeed be a stressful experience, particularly when tenants aren't sticking around for long. 

High turnover rates can result in increased operational costs, lost rental income, and added administrative burdens. 

Fortunately, by pricing your rental property competitively, creating a welcoming environment, and implementing effective tenant retention strategies, you can significantly reduce turnover and attract reliable, long-term tenants.

If you’re ready to make your rental experience smoother and more profitable, don’t hesitate to reach out to The Maryland and Delaware Group PM. 

Our team of experts is here to help you implement the best practices for tenant retention and maximize your investment. Contact us today to learn more!