Do your tenants pay on time, take good care of the home or apartment, and handle maintenance emergencies well? If so, you know there's nothing better than finding a good tenant for your property!
Finding a new tenant can be a costly, time-consuming endeavor. Wondering if there are certain steps you can take to see an increase in lease renewals from your current tenants? In this article, we'll explore a few steps you can take to get more renewals.
One of the best steps you can take as a landlord is to address the concerns of your tenants quickly. Resolving complaints will help your tenants feel like a priority. Do they have a leaky kitchen sink? Get someone sent over as soon as possible. Are any of their appliances on the fritz? Replace them as soon as you can.
Making yourself available and willing to work on fixes when they come up, your tenants will be more likely to sign a lease for another year.
Another tip to follow that is similar in line with the above: make improvements. Is your property located somewhere that deals with high summer temperatures? It's a good idea to make sure your properties have updated, working air conditioning systems.
Is your tenant hoping for an in-unit washer and dryer? Installing one might just cause them to reconsider a move and re-sign their lease. Ideas for upgrades might include:
- New flooring installation
- A new coat of paint
- Replace kitchen cabinets
- Install new faucets
- Install new lighting fixtures
Whatever the upgrade may be, tenants want to feel at home. Upgrades can help them settle in and feel comfortable where they're at.
Offering incentives when you send a lease renewal notice can be another good way to show that you value your tenants. Incentives could look like the following:
- Allowing pets on the property
- Offer a discount on rent
- Offer online payment systems
- Offer utility payments
- Offer to get carpets professionally cleaned
- Provide local gym or grocery discounts
Incentivizing a tenant to stay might be as simple as a courteously offering any of the above.
One of the most straightforward things you can do when it comes time for negotiations of renewal is to offer a competitive renters renewal rate. It's no secret that the rental market has become highly competitive in recent years.
Offering your tenants affordable monthly rent will likely be the main cause your tenant stays. This not only keeps them housed but keeps your revenue stream from getting interrupted.
The Lowdown on Lease Renewals
Lease renewals don't have to be a hard-to-reach goal for landlords. By making sure your tenants feel safe and cared for, the more likely they will be to sign their lease renewals.
By following any of the above tips, you can be sure that your tenants feel heard and seen when it comes to their living arrangements. Hoping to learn more information on what it takes to increase your lease numbers? Feel free to drop us a line here! We'd love to chat.