There’s nothing better for a Landlord then finding good tenants who are clearly looking after your property and paying their rent on time. However, what happens at the end of their tenancy if they’re considering moving?! How can the Landlord try and tempt them to stay in their property for another year?
Here are a few suggestions of incentives that may make your good tenants want to stay:
It seems like something obvious, but if a Landlord can afford to then they should offer to lower the tenant's rental amount on the condition of choosing to remain in the property for the length of another tenancy. It has also been reported that lowered rent would also be the most obvious incentive a Tenant would ask for if they are considering renewing their tenancy, saving the Landlord from feeling as if they must think outside the box to keep their good tenants.
Although this may seem as though the Landlord is losing money, it could actually cause them long term gain and save them any them costs reported in other blogs such as vacancy and advertising costs whilst finding new tenants.
This is something that would require more effort from the Landlord to arrange but could just be the sweetener that means their tenants stay in the property. If a Landlord knows that their property is lacking an extra amenity such as secure outside storage or an included parking space, they could then offer to change this at no extra costs to the tenants.
The extra perks don’t have to be something outside of the property though. For example, the Landlord could offer to pay for a fortnightly cleaning service within the property. This is also a perk that would work in the Landlords favour. This is because it would mean that they know their property is being cleaned professionally, regularly and would also be able to have the cleaner report back to them if there was anything they were concerned about within the property.
The last gesture is something small that could go a long way with the tenants. The Landlords could offer to fund some sort of subscription service of the tenant's choice, purely as a gesture of goodwill. There are the obvious choices of Netflix and Amazon Prime, or the Landlord could offer to pay the tenants TV licence fee for the duration of their tenancy. In conclusion all cost the Landlord a bit extra.
However, if the Landlord wants to go the extra mile, they could even extend this offer to something such as a Gym membership or magazine subscription if it something that the tenant would prefer.
In conclusion if a Landlord has found good tenants and wants to offer them an incentive to renew their tenancy for another year these are a few simple gestures that could make all the difference. Some of which will financially help the Landlord rather than hinder them. However, the options that are at an actual cost to the Landlord may be make all the difference in how their tenants feel about them and their decision to remain at the property for another year.