Now that we’re in the second quarter of 2015, you may have noticed that some of your Portland Oregon renters are turning into buyers.
What is the reason behind this?
Mortgage interest rates.
Right now, the average mortgage interest rate for a 30-year loan is less than 4%. When you factor in great loan products like HUD, FHA and VA loans, it’s understandable why more people are trying to buy instead of rent.
How to Keep More Tenants During 2015
Although losing tenants is never pleasant, you can stay ahead of the curve by starting to develop a tenant retention strategy now so your rentals will become even more attractive when you have more leases come up for renewal.
Tip 1 – Upgrade your Rentals
This step is very important, especially if you have one or more rentals which may be stuck in a prior era’s outdated décor.
Tip 2 – Listen to Your Tenants
If one or more of your renters is calling you regularly with maintenance problems or other issues, take the time to listen to what they are saying and show them that you care.
Tip 3 – Offer Better Amenities
Instead of losing more tenants to the newer rental down the street, why not offer your tenant’s amenities like a membership to a local gym, coffee gift cards, or free dog grooming / dog walking services?