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Retaining tenants is one of the most important tasks a property owner has to do, given that occupancy is what keeps a rental property standing. Tennessee is generally a landlord-friendly state, with no rent control laws, so what can you do to make your rental property a desirable living space for tenants?
Nashville is a competitive market, and if your tenants find a new rental that meets their needs, you might lose them. If there's one thing that would help you retain tenants, it’s creating a tenant-friendly environment for them.
Key Highlights:
- Nashville’s competitive rental market makes tenant retention crucial, and creating a tenant-friendly environment is one of the strongest ways to keep renters long-term.
- Amenities such as pet washing stations, smart home technology, high-speed internet, and accessible outdoor spaces significantly boost tenant satisfaction and set a property apart.
- Tenant-friendly policies, including allowing pets, offering flexible lease terms, applying lenient consequences for minor violations, and setting fair security deposits, make renters feel valued and supported.
- Good management practices like hosting community events, responding quickly to maintenance requests, and adding sustainable features strengthen relationships and enhance the overall living experience.
- Being tenant-friendly attracts more renters, reduces conflicts, and builds a strong reputation that helps keep occupancy high even during slow rental seasons.
A. Amenities
Pet Washing Stations
Having pet-friendly amenities helps you attract a broader tenant pool of pet owners who want the best for their furry friends. A pet washing station provides convenience for your renters and reduces maintenance issues for you, such as clogged drains that aren't designed to handle pet hair.
Smart Home Technology
Adding smart features is now among the best ways to stand out in the rental market. With their automation and security features, you can expect a boost in tenant satisfaction.
Some of the most popular smart amenities include smart thermostats for remote adjustments, smart locks to prevent the loss of physical keys, and smart speakers for voice commands. Google Nest, for instance, has a line of modern appliances that can be controlled through its smart speakers.
High-Speed Internet
With remote work on the rise, today's renters are looking for properties with a reliable internet connection. Home is no longer just a place for leisure and rest. For the tenant's convenience, especially remote workers, an internet connection is more of a necessity than a luxury.
Accessible Outdoor Spaces
Create a space in your rental where tenants can enjoy fresh air and mingle outside of events you may arrange. There's a very high demand for outdoor space in rental properties, and tenants see gardens and patios as must-haves. If you don't have space for both, you can add patios so that each unit still has access to the outdoors while staying on the premises.
B. Policies
Pet-Friendly Policies
Being a pet-friendly rental property widens your tenant pool. Consider what a pet might need, such as space to run and play. While putting limitations in place to protect other tenants, you can allow pets to run free in outdoor spaces with fenced yards or designate a dog park on your property.
Flexible Lease Terms
You can offer options such as month-to-month leases, shorter or longer lease terms, or early termination buyouts. You can limit this freedom to good tenants to reward their behavior, or to those who have reached a certain length of tenancy. Many renters would appreciate the freedom to rent your unit without stress if there are any major life changes that require them to move.
Lenient Consequences
Naturally, this should depend on the nature of the lease violation, but for minor offenses such as late rent, the landlord or property manager should be more understanding. Late payments can be caused by many things, such as recent unemployment or other financial struggles experienced by the tenant.
Fair Security Deposit Amount
Just as it lacks limits on rent increases, Tennessee doesn't have a statewide cap on security deposits, so it's up to you to set a fair amount. The usual fee that landlords charge is one month's rent for unfurnished rental properties and two months' rent for furnished rentals.
C. Practices
Community Events
To build a strong sense of community with your tenants, you can organize events such as movie screenings, potlucks, cookouts, or other community activities. Of course, you have to consider the costs of such events, the number of tenants you have, and the size of the space you need.
Responsive Property Management
You can take care of your tenants by quickly responding to their needs, such as maintenance or repair requests. If there's property damage that may pose risks to your renters, address it immediately. In addition to tenant satisfaction, delayed repairs can violate tenants' rights.
Adding Sustainable Features
Particular amenities contribute to sustainability, such as proper insulation, water-saving fixtures, the use of green materials, and energy-efficient appliances. These practices won't only benefit you as the property owner by increasing property value, but also attract renters because they can reduce utility bills.
Benefits of Being a Tenant-Friendly Rental Property
- Your property will stand out. If you include tenant-friendly amenities and policies in your rental listings, you can attract more potential tenants. This can especially come in handy when tenant demand is low.
- You will encounter fewer issues with tenants. When life is easier for tenants, there will be fewer things they will complain to landlords about. If you take care of your tenants, they will take care of your property.
- Your property will get a better reputation. Through your reputation, you can attract more tenants through word-of-mouth advertisements. They will recommend your property to others based on their own experience.
Tenant-Friendly Rental Property FAQs
Why is being tenant-friendly important in Nashville?
- Tennessee is not necessarily a tenant-friendly state, so it will be up to the landlord to set fair prices and policies. This will give you an advantage in maintaining good relationships with your renters.
Do smart home features really make a difference?
- Yes. Smart locks, thermostats, and security features improve convenience and safety, making the property feel more modern and increasing renter satisfaction.
Are tenant-friendly policies expensive to implement?
- Not necessarily. Many policies, like fair security deposits, responsive communication, and leniency with minor issues, require little or no cost but greatly enhance tenant experience.
How do sustainable features attract tenants?
- Energy-efficient appliances, proper insulation, and water-saving fixtures lower utility bills and appeal to eco-conscious renters, while also increasing long-term property value.
How do pet-friendly amenities benefit landlords?
- They attract a larger tenant pool, reduce the risk of pet-related damage (e.g., clogged drains), and increase appeal among pet owners, one of the fastest-growing rental demographics.
Creating a Good Living Environment for Tenants
Good property management is at the core of a successful rental business. Caring for your tenants and your property pays off, and seasoned rental real estate investors can attest to that. However, keeping your eye on the ball can be time-consuming, so a little help can go a long way.
Green Tree Property Management can lend a hand, so you don't have to ever be overwhelmed with your landlord duties. Additionally, you'll have more time on your hands to explore other profitable ventures.
Contact us, and let's talk about it!
