Although tenant turnover is unavoidable, there are a few things Las Vegas landlords can do to reduce the number of vacancies they experience. You can’t prevent your tenants from moving out of town for a new job or for personal reasons like being closer to family. However, preventing local moves is something you can influence. Here are four ideas to help you attract long-term tenants and minimize tenant turnover.
Find (and keep) reliable tenants
The first step to avoiding tenant turnover is finding tenants who you want to stick around for the long run. Tenants who cause extensive damage, disrupt other tenants on the property, or fail to report important maintenance issues will end up costing you more money if they continually renew their leases. The best way to find and keep quality tenants is by properly screening potential tenants and requiring a detailed rental application for your Las Vegas property.
Build positive relationships
Having a positive relationship with a long-term tenant will not only encourage them to stick around but could also lead to word-of-mouth referrals to other dependable tenants. The better history you have with your tenants throughout their lease term, the more likely they will be to choose to renew when their lease is up.
Try to present yourself as an approachable, attentive, and reasonable person and not just a figure simply there to collect the rent check. To the best of your ability, keep the lines of communication open and honest and always respond to any requests or concerns in a timely manner.
Keep your rental price in line with the Las Vegas market
Increasing the monthly rent at your rental properties is something every landlord will inevitably experience. Like every industry, the rental market responds to the economy and provides opportunities for property owners to ask more or less for rental prices depending on their region. You may also need to increase rental prices to pay for property maintenance or improvements, accommodate tax increases, or to simply increase profits.
The key to raising rent prices when the time comes is to do so in a manner that will limit backlash and avoid turnover. If you do find yourself needing to increase prices at your rental properties, be sure to follow all state regulations regarding timing and providing official notice to your tenants, too.
Your rental prices should be on par with comparable rental properties in your neighborhood. In a competitive rental market, tenants will have the opportunity to choose from several different properties, so setting the rate appropriately will help keep your property occupied.
Maintain your Las Vegas rental
Be sure to keep up on maintenance at your rental properties, even if your tenants have been around for a while. Take maintenance requests seriously and respond to them quickly to prevent costly repairs down the road, or frustrated tenants will start to look elsewhere.
Schedule routine inspections to make sure you catch issues your tenants might not be aware of, and check in with your tenants regularly to make sure everything is in working order.
Simple upgrades to your property can help persuade tenants debating on whether or not to renew their lease. Consider adding property features like an upgraded kitchen, fresh paint, in-unit laundry, or new carpet to make sure your tenants don’t outgrow their space.Questions? Contact Dave Rooker Today!