On average, tenants in the United States stay in a property for more than two years (27.5 months). There are, of course, many benefits for tenants who choose to stay in a rental property for an extended period of time. it allows them to create roots in an area, become friendly with neighbors, and contribute to the local community.
When we speak of long-term tenants, there are also many benefits for landlords, which will be the focus of this article. Some of the benefits that we will highlight include ensuring a positive cash flow from rent payments, saving time and money on finding new tenants, and creating better relationships with tenants. Let's get started.
Positive Cash Flow
When a landlord has tenants in their property, they can have peace of mind that they will receive pay payments every month. This helps to avoid cash flow worries and allows landlords to pay off their mortgages (if applicable) and cover other expenses.
There is a big difference between high- and low-quality tenants. Reliable tenants will always pay their rent on time and without issue. Therefore, when a landlord does find a high-quality tenant, it is desirable that they stay for an extended period of time.
Save Money and Time
It stands to reason that landlords will be financially affected when their properties are vacant. In addition to this, the cost of finding tenants should also be considered.
There are a number of expenses that go into finding new tenants. These include tenant screening reports, cleaning and carrying out repairs, and marketing the property online. Along with the financial element, the process of finding new tenants can be time-consuming for landlords (especially if turnover is frequent).
Create a Positive Relationship
As a landlord, it is always reassuring to trust a tenant and know that they are committed to taking good care of a property. When a tenant stays at a rental property for a long time, they naturally build up a relationship with the landlord. This is to the benefit of everyone.
When there are issues with your property, a landlord will be able to trust their tenant to notify them. A good working relationship will allow landlords and tenants to resolve any issues amicably and quickly. Long-term tenants that have a good relationship with landlords are also less likely to cause trouble within the building or the local neighborhood.
Understanding the Benefits of Securing Long-Term Tenants
As the above information highlights, there are a number of benefits to finding long-term tenants for your rental property. The best way to find high-quality tenants is to partner with an experience property management company.
In southern Raleigh, North Carolina, choose the trusted team at HomeRiver Group. We will oversee all aspects of your rental property's management and ensure that both you and your tenants are satisfied. Contact us today to learn more.