There is no secret that long-term tenants are a drawcard for landlords. With less wear and tear as well as rental security within an investment property this can be a huge advantage.
With so many positives for long-term tenants, the main question is how to make this possible?
The main key is to make your property desirable, as well as keeping it in good condition. If there are constant maintenance issues and appliances not working etc. this is a large turn off, especially for families and working professionals as they struggle to get the time to allow access for trades and the inconvenience which often come from this.
Another is having desired amenities within the property which are heating and cooling options, storage, car parking, window coverings and fresh flooring.
With the average tenancy period being 19 months within Metropolitan Melbourne, there is a trend of longer term rentals within the area. This, combined with lower stock within most suburbs and a low vacancy rate – means that most tenants are better suited to staying within a property for a longer term rather than a short-term rental and flicking between properties for lower rents as seen in other capital cities around Australia.
Once a tenant is in long term, while rents may not be increased as often as re-lets, there is more certainty in relation to your payments which then gives you more flexibility for renovations and loans in the future. It also limits the costings of advertising, re-let fees and the likes when it is needed to launch into a campaign.
We love securing 5-star, long term tenants for our investors for both the financial security as well as the property upkeep benefits.