Once you have a great tenant, you never want them to leave.
But how can you “make” them stay longer. While some things can’t be changed, like location or number of rooms, some things can.
Take care of the property-
Deferred maintenance can sometimes be a BIG turn off when a tenant goes to renew a lease. Do they really want to sign on the dotted line, if they think they haven’t been heard. You don’t need to rush over and address every concern every day, but let them know from the get go that they are respected and wanted at your property.
Don’t raise rents every time-
I know this almost sounds backward, rents go up every year. But put it this way, if you raise rents by $50/mo totaling $600/year on your $1000/mo property and the tenants decide to leave. It takes you roughly 1 month to find another tenant costing you $1000 in rent as well as turnover expenses, marketing and time. But had the tenant stayed and the rent remained the same, you would only be out $600. Sometimes it actually pays to keep the rents the same every once and a while.
Sometimes it is the little things that makes people want to stay. If you have a great tenant and they seem on the edge about renewing their lease, ask them if there is an “upgrade” they may be interested in. You would be surprised at how many people decide to stay over a new dishwasher ($200) or a better ceiling fan ($75).