5,686 days and over $350,000 in rent

By Paul Branton, Director of Investor Services for Home Rental Services

Yes, you read that correctly – the same tenant rented one of our homes for over 15 years!

As highlighted in the catchy headline, it was actually 5,686 consecutive days from 2008 to 2024, and during that time, nearly $350k in rent was collected. While it’s common for HRS tenants to stay longer than the national average of 3-5 years, it’s rare to see someone stay for over 15 years. In fact, we currently have 17% of our tenants having stayed with us more than 5 years, and the “Top 3%” have been with us for more than 10 years. (Our longest tenancy? It’s about to hit 20 years!)

As you might imagine, when a tenant stays that long, a property will need some updates. That’s exactly what this home needed—especially in the areas of paint, flooring, the kitchen, and bathrooms. Built in 1995, the home still had its original wallpaper, orangey oak trim, and even carpet in the bathroom! While wallpaper can work in certain settings, I think we can all agree that orangey oak and carpeted bathrooms aren’t exactly the style we’re after these days.

Turnover Budget

With decades of experience, we’ve found that setting aside one month of rent each year is a solid starting point for a turnover budget. Of course, each turnover is different, depending on the property’s condition and updates. For this home, we ended up closer to 1.5 months of rent per year, as the owner decided to invest in some upgrades to bring the property more in line with current market rates.

For those who are curious, we sourced the tile from Floor Décor & More and the granite countertops from Any Top Shop in KCK.

Are you prepared for your next turnover? There’s no time like the present to start planning and budgeting for it!

The team at HRS wishes you all a wonderful Thanksgiving next week!