Across the country, rent increases are finally subsiding, but in Greendale, SC, prices are still going up. This is due to ongoing immigration to the area, coupled with a shortage of housing.
While high demand and prices are always good news for landlords, now isn't the time to slack on your tenant retention programs. Increased rent can easily drive good tenants away unless they feel they're getting their money's worth.
Keep reading for the best landlord advice to help you keep your tenants in place and avoid costly vacancies in your rental property.
Screening Tenants Helps You Avoid Vacancies
Screening tenants at the outset can help you avoid vacancies.
It might seem counter-productive to reject tenants if you want to earn money from your investment home, but bad tenants will only end up costing you money.
They may damage your property and pay rent late or not at all. This inevitably results in a costly and time-consuming eviction procedure.
It's imperative to screen all tenants' applications thoroughly per the South Carolina Residential Landlord-Tenant Act.
Some of the things to check include:
- Tenant identity
- Employment status
- Affordability status
- Credit history
- Landlord references
- Criminal history
A property management firm can help you with this, or you can hire private tenant screening services.
Incentivize Lease Renewals
As your tenant's lease winds to a close, they might start to consider other options. In some cases, a job change or other external factor might influence their decision, but often they have every reason to stay.
If you want to keep your tenants, it's a good idea to sweeten the deal for them. One way to do this is by keeping the annual rent increase as low as possible.
You could also get creative by offering to do some upgrades to the home. For instance, you could install energy-efficient measures to help reduce their utility bills.
Other options include meal or store vouchers or a gym membership. If you've taken the time to get to know your tenants, you'll know what's likely to appeal to them.
Tenant Retention Programs Are Ongoing
Keeping your tenants in place goes far beyond once-off incentives; it's an ongoing process. Throughout their tenancy, you should make sure you attend to their requests promptly and check in on them from time to time.
Routine property inspections are a good opportunity to get to know them better and address any concerns they have. Yet, you must also ensure you keep your property in pristine condition without them hounding you about repairs.
Taking care of ongoing maintenance will keep your tenants happy. It also helps you avoid unnecessary repairs and replacements.
The Easiest Way to Keep Your Tenants in Place
If tenant retention programs seem like a lot of extra work to add to your already chaotic schedule, you need help. A reputable property manager will carry out all the necessary work to ensure you enjoy ongoing lease renewals.
We can help you retain tenants and get the most out of your Greenville, South Carolina, property. Get in touch for assistance today.