Rental retention. As a landlord, it can be a dream to retain tenants if you know they are good and reliable with monthly rent.
However, even in these uncertain times in the rental market, tenants still have the option of moving if they do not like what you are offering.
In 2021, the overall retention rate was 57.2%.
With more than half of the people in the country deciding to stay in their rentals, you may be curious why they make that decision. Some may like the stability but generally, people are satisfied with the property maintenance and other amenities in their rental.
So, how does that impact the retention rate? Here are some of the biggest factors.
Doing Things Yourself
You may be someone that likes to do construction and maintenance projects around your house. With that territory, you could falsely believe that you are good enough to do the job of a professional.
However, a lot of people end up going this route. About 47% of homeowners in the United States had a DIY project in their home.
Sometimes, mixing this into your business is not the best idea. Whether it is because of personal pride or being too cheap to pay a professional to fix building issues, some landlords drive tenants away because they do not hire professionals for maintenance issues.
Unless you are a professional electrician, plumber, or construction worker, leave those jobs in your rental building to true professionals.
Not Doing Property Inspections
Another issue that some landlords have is forgetting to do routine inspections or initial inspections of the property when they purchase it. This can cause lingering issues that can turn into a big problem in the long-term.
An example of this can be you not doing an inspection on your pipes and your water supply. Then, you may find out that your water was contaminated and tenants were drinking from it.
Or, you could fail to do a fire inspection where you could have found out that something in your building was a fire hazard. Then, not getting that fixed or checked out results in a preventable fire in your building.
Keep up with these inspections because it can keep you out of trouble later.
Something that can lead to maintenance negligence of your property is if you are overextending yourself. At the end of the day, you are just one person, so you have to be realistic about what you can manage.
That means containing how many rental properties you buy and for the ones you have, perhaps hiring a property manager to keep an eye on these potential maintenance issues.
Stay on Top of Property Maintenance
These are some of the biggest factors as to why property maintenance is key for your rental property and to retain tenants. Tenants like to know that they are being taken care of and that the landlord is responding to potential building issues.
Are you a landlord that needs help tackling day-to-day issues with your property? Message us today for a free rental analysis and to see if we can help you with property management.