Whilst the world economy slows keeping tenants in your rented property is paramount. Due to home sellers failing to sell and opting to rent their property there has been an increase in accommodation to rent with landlords and letting agents finding it harder and harder to find tenants. Some areas have seen a decrease in rent prices or for landlords which decide not to lower their rents longer void periods of a couple of months are now being witnessed.

Here are a few suggestions to keep your tenants as changing tenants can be very costly in a market where rents are only just covering basic costs such as the mortgage and building insurance.

Firstly speak with your tenants and ask if there are any maintenance issues that need attention. If your property is well maintained throughout the tenancy your tenants will be more inclined to renew when the time comes.

Replace a large item of the property once a year confirms your tenants thoughts that the property will be well maintained over the period of their tenancy, for example once your carpets look like they have had better days start replacing them over a period of months. This way tenants feel as if the property is being well maintained and it allows you to spread the cost. Other items such as washing machines or fridges can be slightly more expensive but new ones make a real difference to your tenant. Replacing them at your convenience may also save you costly repair bills if they break down unexpectedly.

Make sure your tenants understand that the rent will not increase if at all. If your occupants feel their rents continually rise they will be constantly watching the market in case they have to move before their next rent rise.

Forgive a late rent payment once, as everyone has misfortunes. Do make your tenant know that further late rent payments are not acceptable and that you also have to make a payment and are not given any grace from your mortgage provider.

If your tenant wants to redecorate or add to your property in some way, offer some form of compensation for doing it themselves by means of paying for the materials or giving a free weeks rent. Make sure you clearly documentate what permission you have given to the tenant, for example what rooms the tenants are allowed to decorate. Be sure to also state costs involved should the job not be finished or if other fixtures or fitting get damaged along the way.

Some properties are high maintenance. If yours falls into this category try to arrange for a local handyman to visit the property once in a while to fix problems before they become a hassle. For example heavily planted gardens quickly grow and need to be maintained. If this doesn't happen your tenants may start to neglect the garden altogether, which in the long run costs more to bring the property back to its original state. Once your tenants feel the property has too much upkeep they will soon look to find a property with lower maintenance gardens etc.

Some of these ideas may sound as if it will cost you all of your monthly profits to put in place. However you don't need to provide every aspect to your tenants, as by simply adopting one or two of these suggestions your tenants will be more inclined to continue renting your property, ultimately saving you lost income on re letting.