Why You Want a Long Term Tenant

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Why You Want a Long Term Tenant

Let's go ahead and answer the question of why having a long-term tenant is beneficial to you as a property owner.

Save Your Money

It’s going to cost you money to continuously rent out to short term tenants, and you're more likely to lose money if you have long periods of an unoccupied house while you wait for new tenants to move In. You're also going to have to think about the cost of home improvements when you’re continually renting to new short term tenants. Surveys have shown that 63% of homeowners renovate their house before renting to new tenants. If you have to do that every six months, think of all the money that is going to waste! So yeah, if you’re thinking profit, a long-term tenant is the smarter option.

Loyalty

You rely on your tenants for money, and they pay the rent, you get the cash flow, simple. So, when you rent your property, you want to make sure that you can trust your tenants with payments and keeping the house in good condition. If you look after your tenants, they will look after you and your property. You'll also be able to get to know your tenants and build a good relationship with them. By doing this, you'll learn their background and lifestyle, which is useful when you're renting a property as you can decide whether they're going to suit the area of your property. For examples of ideal tenants, check out this article on choosing tenants. 

Avoiding Stress

Landlord stress is on the rise, and overall if you're going to be renting your property to a line of short-term tenants, you're going to find yourself in stressful situations a lot of the time. Think about it, what do you have to take into consideration each time you rent to someone new:

  • How long the house is occupied for before you find new tenants

  • Waiting for the application process to go-ahead

  • Dealing with new difficult tenants

  • Repairing damages and checking Inventory (if you're renting a furnished property)

  • Going through the same renting process multiple times a year 

You do not want to be continuously worried about your property, as it will begin to take over your life. Such difficulty is why a long-term tenancy agreement is beneficial as you will have the flow of money without the flow of stress.