If you own rental property in Boston then one of the things that you have to deal with is finding good tenants. Turnover can kill your cashflow and no landlord wants empty apartments. Reducing tenant turnover starts with screening and renting to good tenants. The onus is also on you to have a well maintained property so that people want to live there. Here are some tips for reducing tenant turnover.
Find Good Tenants
You want good tenants that pay the rent on time and plan to live there long term. Tenants who move in the middle of the night or damage your property cost you money, more than just lost rent. You need to screen all potential tenants and do a thorough background check. You want to check their credit history, past eviction history and a criminal background check. You need to avoid red flags but still adhere to Federal Fair Housing Laws
Charge Market Rent
Pricing to low takes money out of your pocket and pricing too high leads to turnover. Raising rents is something you should do cautiously, pay attention to the market. Boston has some of the most expensive real estate in the country so when it comes to raising the rent make sure that you have followed all of the guidelines put forth by the state. Keep your prices comparable to the neighborhood and your apartments will stay occupied.
Keep Your Property Well Maintained
If you want to have good tenants then you need to give them a good place to live. When a tenant contacts you about a maintenance problem then you need to deal with it as soon as possible. It benefits you as well by avoiding more expensive problems down the road. Do routine inspections so your tenants feel you care about the property. Make yourself or your property management company available to tenants 24 hours a day so that when something goes wrong they know you are ready to step in and fix the problem. If a tenant is considering moving out see if upgrades like new paint or something else will convince them to stay.
Reducing your tenant turnover starts with building good landlord-tenant relationships. The better you treat your tenants the more likely they are to stay long term. Be approachable and attentive to their needs, you need to be more than just the guy who collects a check every month. Respond to repair requests right away and make them feel important. It benefits both of you in the long run.