The average renter stays a certain time; here’s how it applies as a landlord.
Managing properties can be a full-time job and requires plenty of wisdom and practice to do well. People who are renting may rent for many reasons, and some may leave sooner than others. How do you know that you are successful in your tenant retention? How long does the average tenant stay?
How Long Does the Average Tenant Stay?
In the United States, the average tenant stays at the same property for about three years. The tenant may stay at the same property as a temporary home or a long-term home, but three years is a good benchmark by which to rate the success of your property management. There is more to real estate investing success than having long-term tenants, though. Let’s discuss what will give you the ultimate success in providing for your tenants and attracting future tenants.
How to Draw in and Retain Tenants
Attractive Costs
Keeping your costs competitive may seem counterintuitive at first, but it is more likely to draw in more prospective tenants and retain them, too. In this economy, everyone wants to know how to reduce their costs of living without sacrificing quality of life. Even when the economy is strong, a great deal is a great deal!
More Than Habitable Accommodations
Landlords are required by law to provide a sound, habitable living space and take care of various maintenance needs for their tenants. Fewer people will want to reach out to you about the available rental if it looks, feels, and smells like a dump, and people will want to leave if the landlord neglects serious maintenance needs like leaks, infestations, etc.
Professional Management
It should not be a pain to make rental payments, contact property management, or have their complaints or requests heard. Privacy and safety should not be problems, either. Landlords can manage properties themselves or hire a property manager to help them carry out legal management with integrity.
Having Realistic Expectations
Even with the best rental experience ever, most tenants will leave eventually. While some choose to make their rental their home for as long as possible, others will move for personal reasons, careers, and other reasons. Your rental shouldn’t be vacant for long with the right setup.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.