The south of the Sunshine State is undoubtedly one of the hottest areas for rental properties in the United States. As such, homeowners’ are sure to have a good return on their assets – as long as they can keep their tenants for long enough. Maintaining long-term tenants secure stable and sustained inflow of rental income.
If you own a rental property in South Florida counties such as Broward, Dade, and Palm Beach counties, let us take you through how to retain your choice tenants for as long as you want. The longer you can keep good tenants, the lesser the cost and stress of maintaining your property.
The first step is to ensure that a tenant is one you want to keep for long. This will typically require screening a prospective tenant’s credit report, criminal history, and rental history. You may have to enlist the services of tenant screening companies or agencies in South Florida for a comprehensive background check.
This step is vital to ensure your premises are in safe hands and to prevent high multi-family property turnover due to terrible co-tenants. The Federal Trade Commission also offers some helpful tips on tenant screening.
Once you have rented out your apartment, you must realize that it takes two to be responsible. You will need to demonstrate that you, in fact, are a choice landlord by conducting regular property inspections and responding timely to their repair needs.
Nothing certainly frustrates a tenant more than a landlord who is only responsive when it is time to renew rent. Asides from this, the most sought-after South Florida rental properties are those in the best shapes.
Another thing is to constantly be on the lookout for the newest trends in residential housing. For example, the COVID-19 lockdown necessitated those workers to work from the safety of their homes, and it is likely that this may not change even after offices fully re-open.
Get the most out of South Florida
As a proactive landlord, you should find out what amenities are in demand and which exact ones your tenants want. With constant upgrades and renovation, your tenants rest assured they are getting the best in residential property options.
The final tip here is to offer tenants a discount for more extended lease periods. While this may mean you won’t be able to increase your rent within this time, your income will be relatively stable. Remember, a South Florida rental property can be a reliable source of income as long as you can keep the right tenants. We hope you find these tips helpful.