Over 35% of homes in the US are rented. Renters in these properties typically sign lease agreements of one year or less. But perhaps it's time for that to change.
Long-term lease agreements can work well for both tenants and landlords. There are all kinds of benefits that you may not have considered.
It's time to learn more about how making use of longer lease agreements in the California Bay area can help you. Read on to find out everything you need to know.
Enjoy Consistency
As a landlord, you probably know that tenants can be a pain. So, when you find a tenant who pays rent on time and doesn't cause any trouble, you want to keep them in place!
Using a long-term tenancy agreement will help you to keep good tenants in place. When you hit it off with a new tenant, you'll be glad they're on a long-term lease.
Attract Higher Quality Tenants
Offering longer leases can help you to attract higher-quality tenants. Tenants who want to lay down roots in the area may opt for these longer leases. That means they are more likely to be consistent with rent and stick around in the long term.
This may also mean these tenants are better behaved and less likely to cause damage to the property. After all, they have a stake in the property if they're planning to stay for the long term.
Keep the Property Occupied
When you own a rental property in the California Bay area, you need to have a tenant in place as much as possible. This gives you a steady stream of rent and reduces your overall costs.
Think about how long it may take you to get new tenants into the property. Every day that passes, you'll be losing money. A high tenant vacancy rate can cause you to lose money.
Better Planning Opportunities
When you know your tenant is tied to a long-term lease agreement, you can make more concrete plans for the future. Since you have a practically guaranteed income, you can plan to invest in other properties.
This can help you to build your network in the long run and pull in more money over time. When you're bouncing from short-term tenant to short-term tenant, it will be hard for you to plan for the future.
Increase Your Profits
Bringing in new tenants can be costly. You need to run a screening process, arrange property showings, and maybe even carry out a deep clean on the property.
By reducing tenant turnover, you'll avoid so many of these costs. This can help you to make a profit from your rental property.
Let Us Help You Manage Your Properties
Long-term lease agreements can offer you all kinds of advantages. Consider the length of a lease carefully before bringing a new tenant into your property.
Property management can be difficult. That's why it's a great idea to have the professionals take over, leaving you to relax while the money rolls in! Contact Blue Line Property Management today to find out more about how we can help property owners around the California Bay.
