How to Attract Long-Term Tenants

A multi-family property can be a great investment. Multi-family homes and apartment buildings can provide you with a stable source of passive income. By renting out all the units in the building, you can earn a high rental income that lets you live a more comfortable life.

In order to start enjoying the financial benefits of owning a multi-family rental, you need to find reliable, long-term tenants. If your renters are not sticking around for more than a couple of months, you’ll be unable to maintain a stable income and will start losing money on cleaning and advertising fees.

Here are the best strategies for attracting long-term tenants for your Boston rental!

Price Your Property Competitively

One of the biggest mistakes landlords make is overpricing their rental properties. If your monthly rental price is way above the market average, and lacking any upgrades or amenities that make up for it, it will drive prospective tenants away.

This will result in longer vacancies and a bad reputation for your property if the problem persists for long enough. Charging low rent to attract tenants may seem like a good idea but it is not the solution. You may think that charging less than what other landlords in the area can be counterproductive.

Responsible tenants may think that your listing is too good to be true and, thus, is a scam. Additionally, you run the risk of attracting unsuitable or irresponsible renters. If you want to fill your vacancies with qualified tenants, you must set a competitive rental rate by analyzing the local rental market and demand trends.

This will give you an idea of how much landlords are charging for comparable properties in your area. This way, you’ll be able to charge a price that seems reasonable to tenants and will encourage responsible renters to apply!

Create an Attractive Rental Listing

When there are hundreds of other properties on the market, filling your vacancies can be very difficult. While there’s a great demand for rental accommodations in the Boston area, it’ll be impossible to attract long-term tenants if renters do not see your ads.

Luckily, you can increase the visibility of your rental listing with an effective digital marketing strategy! You’ll have to start by drafting a good property listing. A clear and concise listing that highlights the best features of your property, with clear language and quality photos, can go a long way.

If you publish it on several real estate websites, social media platforms, and local forums, you’ll increase its visibility, ensuring great tenants see your listing!

Allow Pets Into Your Rental

Pet-friendly rentals are high in demand but low in supply. By turning your Boston multi-family property into a pet-friendly rental, you can make it more attractive to renters and even charge a higher rent.

One of the biggest benefits of renting to tenants with pets is that responsible pet owners tend to make great tenants. Taking good care of a pet requires dedication and responsibility, which are two qualities you want your tenants to have.

Pet owners tend to stick around in one place for years, since moving with pets can be incredibly stressful. This makes them the perfect long-term tenants!

Determine Your Ideal Tenants

If you want to find reliable, long-term tenants, you shouldn’t just publish a rental listing online and hope the right renters find it. Instead, you should be actively working to attract your ideal tenants. But to do this, you must determine what your ideal tenants should look like.

There are plenty of people who are looking for long-term rental accommodations, such as young families, newly married couples, pet owners, college staff, students, and even retirees.

Take a look at your property and think hard about what type of tenants would thrive there. If your rental is near a well-renowned university, you could benefit from renting it to college staff. If it’s close to parks, schools, and transport hubs, you could aim to attract young families or newly married couples.

Invest in Property Upgrades

The condition of your property plays an important role in its returns. Tenants will be more likely to stay in your rental unit for the long term if it’s in good condition or has been recently renovated.

If you want to attract and retain tenants for longer periods, you should consider upgrading your property. Even simple property renovations such as installing new fixtures, adding energy-efficient appliances, and a new coat of paint can give your Boston rental a much-needed boost!

Bottom Line

Attracting long-term tenants for your multi-family property minimizes the need for frequent advertising, cleaning, and property maintenance, leading to lower operational expenses.

It minimizes your vacancies, ensuring a stable source of income. By setting a competitive rent price, writing a good listing, creating targeted advertisements, and upgrading your property, you can attract reliable, long-term tenants.

If you want to attract quality long-term tenants without the hassle, you should contact Howzer Property Management today! With our inspection services, you’ll be able to rest easy knowing your investment is always supervised.