Cleaning and preparing units, posting online ads, showing apartments, and completing paperwork. As vacancies increase, you're bound to get busy! Unfortunately, filling rental vacancies can become stressful, time-consuming, and costly.
Instead, try to increase lease renewals! Retaining quality tenants can help you avoid the stress of filling vacancies. Instead, you can continue generating revenue from renters you trust.
Learn how to increase renewals with these proven strategies today!
Reconsider the Rent Price
Send inquiries about lease renewals to your renters 90 days before their lease ends. Early inquiries will give them time to make a decision. If they decide not to renew their lease, you'll have time to find new renters.
When sending these inquiries, don't rush to increase the rent price. Research similar units in Southern New Hampshire. Use competitive pricing to retain tenants.
About 15% of US renters (8.4 million Americans) are late on their payments. The situation could get worse as landlords boost prices.
If the rent increase isn't reasonable, your tenants will leave. They'll search for units that better suit their budget.
Offer tenants the option to sign a longer rental term. Try to find terms that suit everyone. For example, you can negotiate the rent price but lock in a long-term commitment.
Foster a Tenant-Landlord Relationship
Fostering a strong tenant-landlord relationship could make renters want to stay. About 63% of tenants say they have an "excellent" or "good" relationship with their landlords. However, 41% think they would make better landlords than their building's current owner.
Start fostering stronger relationships by prioritizing customer service. When renters first move in, provide multiple ways they can reach you. Always respond promptly to show renters that you care about their concerns.
As you begin gathering feedback, make changes to how you manage your properties. Ask how you can improve their experience and act on those tips.
Otherwise, prioritize finding great tenants to avoid problematic renters.
Complete Property Maintenance
You can foster better relationships with tenants by completing property maintenance projects quickly. The longer tenants wait, the more frustrated they could become. They may decide to take legal action if you neglect to make repairs.
Start building a list of reliable vendors in Southern New Hampshire. You won't have to waste time vetting options when there's an emergency. You can outsource this process to a full-service property management company.
Make Property Upgrades
Remain competitive and help your property stand out by making upgrades. For example, you can:
- Transform the basement into storage space
- Construct an outdoor patio
- Start a rooftop garden
Make upgrades to individual units. You can add new appliances, repaint the walls, or upgrade to energy-efficient windows. These property upgrades can make the unit a more desirable place to live.
Increase Your Lease Renewals
Increasing lease renewals will help you generate income without stressful vacancies. Use these tips to encourage your tenants to stay. Otherwise, keep improving your relationship with tenants.
PMI Granite State offers high-quality property management services to help you maximize profitability. We have over 20 years of experience helping landlords like you. Contact us today to discover how our services can boost your lease renewals!