How do I get a long standing tenant in my investment property?
With the average length of tenancies in the UK lasting 3.9 years*, it gets you wondering what you can do to ensure your tenant stays for as long as possible and how that can benefit you. Picking the right tenant is crucial, be upfront and honest with what you are looking for in a tenant and the length of time you are looking to rent out. You can quickly begin to understand their plans and the types of tenants they will be.
What sort of property do I buy?
Aside from the obvious 3+ bedroom family houses in sought after locations, think about what sort of tenant would remain in a property for a long time and what type of home they would be looking for. Investing in bungalows or retirement properties can be a great path to choose. When downsizing, many older pensioners don’t want the hassle of buying a property and so will choose to rent a property that they can live in for a long period of time.
How do I keep the rent at market level?
Annual comparables are a must to ensure that you are getting the right amount of rental income per month. Doing this regularly avoids falling behind the market value and then having to hike the rent up a significant amount. This can often disrupt relationships between landlords and tenants or completely price them out of being able to afford the rent.
How do I keep the tenants happy?
Be flexible and allow the tenants to feel like it’s their home. Allow them to have pets, you’d be surprised how many tenants may opt out of a property or decide to leave if they want to have pets. If you build a good relationship up with the tenants then you will generally build up a trust to let them decorate and if it’s not something they want to do, after a number of years then get the decorators in yourself. This goes alongside with acting fast on repairs and making sure the property is fit to live in.
*Statistic from the Ministry of Housing, Communities & Local Government