Keeping good tenants for longer

As any experienced landlord will confirm, good quality long term tenants are key to a successful investment. Here are 6 basics for keeping them for longer.

Image credit Nick Youngson CC BY-SA 3.0 Pix4free.org

For some, renting covers the period between living with parents and buying a first home. For others it is a preference, taking advantage of the flexibility it offers. Most are constrained by the affordability of owner occupation.

As a result. the average age of a first time buyer in the UK is over 30 and the average length of a tenancy is almost two years.

Landlords who would like their tenants to stay longer than the average might look to -

Consider longer rental agreements

The six month assured tenancy has been the industry standard for over 20 years. Offering, say, two year agreements excludes renters who are only looking for a six or twelve month stop gap. Longer contracts are becoming increasingly popular with both tenants and landlords.

Choose a location and a property to suit a tenant profile

If your ideal tenant is an affluent couple, a spacious property in a prosperous area close to transport links might suit well. Single young professionals may prefer a compact apartment in a city centre, while a key worker could be more comfortable with an affordable unit close to important employers. Matching the location, size and cost will maximise the chance of finding and retaining a long term tenant.

Use the professionals

Established letting agents have access to tools for evaluating tenant applications not generally available to a small landlord, avoiding the obvious errors. A good agent will have suitable potential tenants in its database, minimising void periods between tenancies.

Make it nice

Today's tenants expect a lot from their homes. Modern kitchens with built-in appliances are a must, as are fast broadband, stylish bathrooms and good quality matching furniture. An attractive property will go a long way towards encouraging a good tenant to remain in place.

Be aware of a tenant's costs

Young professionals are more climate aware than their predecessors and the recent surge in energy costs has emphasised the need for eco-friendly properties. Upcoming regulation will mandate rental properties to achieve an EPC rating of at least level C, but landlords should consider a higher level where possible. Recent surveys indicate that energy efficiency has become one of tenants' highest priorities.

Treat your tenant as a valued customer

Although day-to-day tenancy management can be left to a professional agent, avoid losing touch with the tenant. Think about an occasional email to confirm all is well with the property, ask for suggestions and be responsive. A personal touch is always appreciated, as in all walks of life.