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Why Tenants Stay and Resign Leases

As a Real Estate Investment company, one of the most important things you can do is to keep good tenants. When tenants renew their leases, you save time and money on advertising, showing the unit, and screening new tenants. But what makes tenants want to stay? Here are 10 reasons why tenants stay and resign leases.

1. A Good Landlord-Tenant Relationship

Tenants appreciate a landlord who is responsive, respectful, and professional. A good landlord-tenant relationship builds trust, which can lead to long-term tenancy and lease renewals.

2. Affordable Rent

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Affordable rent is a key factor in tenant retention. When tenants feel like they are getting a good value for their money, they are more likely to stay. Although this may not always be an option for some tenants, it is still something to consider.

3. A Safe and Secure Property

Tenants want to feel safe and secure in their homes. Providing adequate security measures, such as deadbolts, smoke detectors, and security cameras, can give tenants peace of mind.

4. Convenient Location

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A convenient location is a major factor in tenant satisfaction. Properties that are close to public transportation, schools, shopping, and other amenities are highly desirable.

5. A Clean and Well-Maintained Property

A clean and well-maintained property shows tenants that you care about their comfort and well-being. Regular maintenance and cleaning can prevent small problems from becoming big ones and keep tenants happy.

6. Good Communication

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Good communication between landlords and tenants is essential. Responding promptly to tenant inquiries and concerns can help build trust and foster a positive landlord-tenant relationship.

7. Flexibility

Flexibility is important when it comes to lease terms. Allowing tenants to renew their leases on a month-to-month basis or offering longer lease terms can help meet the needs of different tenants.

8. Amenities

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Amenities such as a swimming pool, fitness center, or laundry facilities can make a property more attractive to tenants. Offering amenities can also justify a higher rent and make tenants more willing to renew their leases.

9. Respect for Privacy

Tenants value their privacy. Landlords who respect their tenants’ privacy by giving proper notice before entering the unit and not unnecessarily intruding on their space can help build trust and promote lease renewals.

10. A Good Reputation

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A good reputation can go a long way in attracting and retaining tenants. Word of mouth can be a powerful marketing tool, and tenants are more likely to renew their leases if they hear good things about the property and the landlord.

In conclusion, there are many factors that contribute to tenant satisfaction and lease renewals. By focusing on building a positive landlord-tenant relationship, keeping the property well-maintained, and meeting the needs of tenants, you can increase the likelihood that tenants will stay and renew their leases. Here at BACH we choose to provide these qualities for our tenants. If you are interested in being a part of BACH you can start here!