As I mentioned earlier, if you’re planning to hold property as a long-term investment for three or five years or even longer, long-term tenants would be beneficial to you. Screen applicants for longevity as well as their ability to pay rent.
Most of your work and expenses are incurred at tenant turnover. It’s cost-effective to minimize the frequency of vacancies that can result during periods of lost rent. As you’re screening, consider the applicant’s rental history. How often did they move and for what reason(s)? Ask their previous managers if they maintained the property in good condition, or if they were a nuisance. After they move in, be responsive, return calls, and quickly address repair issues to retain them as tenants.
Filling vacancies with long-term, low-maintenance tenants will result in an ongoing source of income and peace of mind for many years.