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 In Lifestyle, Lifestyle Property Management

Marshall White Property Management

Why Do Renters Stay Long Term?

Long term renters are more likely to consider their rental property as their home, and therefore have a vested interest in ensuring it remains in excellent condition.

When renting out a property, many owners often look to find ways to guarantee the security of this investment and ensure it continues to consistently generate income. One of the simplest and best ways of doing this is securing a long term renter.

There are many advantages to having a long term renter, which is generally considered to be a renter who stays in one property for five years or more. In addition to making your investment in your rental property more secure, it also minimises the fees involved in having a vacant property.

A good renter will also maintain the value of your investment through looking after the property and alerting the owners to any necessary maintenance. Long term renter are more likely to consider their rental property as their home, and therefore have a vested interest in ensuring it remains in excellent condition.

There are many steps that owners can take to encourage renter to stay for a long time. ‘Happy renters are long term renters,’ says Marshall White property manager Stephanie Lorenzini.

‘Renters are likely to stay long term if they feel settled in the home, and if their relationship between the residential rental provider and the property manager is a positive one.’

A renter will also be more likely to feel settled in a property when it is well maintained. Ensure that you are regularly attending to the maintenance of the property, as well as responding promptly and effectively to any issues that crop up over the course of the tenancy period.

Another way to encourage a renter to stay long term is to consider rewarding long term renter with minimal rent raises. Of course, it’s understood that to maintain the value of your investment, rent raises are expected, but the security of keeping your rental property occupied with a continuous rental income coming in may outweigh the risk of raising the rent and putting it out of reach of your current renter.

‘Renters seek out well maintained family homes in desirable school zones, particularly because renters need to live within the zone for a set period of time to make sure their child is eligible to attend the school.’

There are other factors that contribute to renters wanting to hold long term leases. ‘Generally, suburban Melbourne is more attractive to long term renters, particularly on the basis of school zones,’ explains Stephanie.

‘Renters seek out well maintained family homes in desirable school zones, particularly because renters need to live within the zone for a set period of time to make sure their child is eligible to attend the school.’

This means that generally family homes are most desirable to long term renters. However, apartments and townhouses can also be attractive to long term renters who are settled in a career near to their home or simply seeking to put down roots in a particular community in the area.

Our team of property managers ensure they keep in regular contact with the renters and assess their needs, in order to facilitate a positive relationship between you and your renters.

Should you require advice on any aspect of leasing your property, contact our Marshall White Property Management Team for assistance. For more information contact us on (03) 9822 8711.

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