According to the Pew Research Center, an estimated 36% of Americans are living in rental properties. In case you didn’t do the math, that means there are over 44 million renters in the market right now.
So what does that mean for you? Plenty of people looking for a place to rent. But it also means competition.
Want to learn how to improve your tenant’s leasing experience in order to increase retention rates and your number of new tenants alike? This quick guide can help!
1. Keep Market Trends in Mind
It’s no secret that the housing market has been rapidly changing in recent years, so keeping abreast of the current trends and rates is a must for tenant satisfaction.
If the rentals in your market start adding amenities or upgrades that your properties lack, then it may be time to consider making some changes. In the long run, putting value back into your rentals will only bring you more profit.
In a similar vein, being aware of your local market will help you to price your units fairly and competitively. You’ll never be sorry you did your research!
2. Go Over the Lease Together
It can be easy to assume that your tenant understands and is happy with the contents of their lease, but that’s not always the case. Taking the time to meet with your tenants in the leasing office prior to move-in can save you both future headaches and make sure all parties are on the same page.
Going over the lease with your tenants will also give you an opportunity to make your expectations clear and highlight to your tenant any utilities or additional charges they may be responsible for outside of their base contract with you.
3. Make Maintenance a Priority
Just like you have to maintain your own home, rentals will need maintenance, too. In order to make sure that you don’t have a ton of unexpected work out of nowhere, it’s best to complete preventative maintenance on a regular schedule.
We also suggest completing case-by-case rental maintenance in a timely and effective manner. Keep in mind that one of the most common reasons tenants cite for leaving their current rentals is maintenance issues!
4. Incentivize Lease Renewals and New Leases
The incentives don’t have to be anything extravagant, but providing new tenants with a set amount off their first month of rent or a move-in gift basket can go a long way!
You could also consider offering renewing tenants a lower renewal rate for giving sooner notice of intention or signing a longer lease.
Start Improving Your Tenant’s Leasing Experience Today!
When over a third of Americans are part of the rental market and competition is abundant, it’s important to prioritize your tenant’s leasing experience. Hopefully, these five helpful ideas will get you on your way to more renewals and great tenants in your properties!
Need some assistance with rental property management in the Las Vegas area? Don’t hesitate to get in touch with us! We also offer a rent collection app complete with both owner portals and tenant portals for ease of use.