The average cost of moving from one apartment to the next is around $1,200, so it's not a cheap endeavor. Because of this, many tenants would rather stay in place as long as they're not leaving the area. If that's the case, why is tenant retention so difficult sometimes?
So many landlords struggle with lease renewals and they lose great tenants. We're here to help you keep those tenants and avoid expensive vacancies. Read on to learn more.
Maintain Good Communication
If you want to increase lease renewals, you need to establish and maintain open, respectful, and responsive tenant communication. Your tenants need to know that you're trustworthy and that you're an overall reliable landlord.
Show genuine interest in their concerns and needs. Address any maintenance or repair requests as soon as you can. Remember, tenants just want to live comfortably, and it's your responsibility to help them with that.
On that note, however, don't be intrusive. Maintain respectful contact and distance so your tenants still have privacy.
Offer Incentives
Consider offering incentives to entice tenants to renew their leases, especially if you've been struggling with lease renewals.
This might include a rent discount, a gift card, or even a small upgrade to their living space. Some landlords offer re-painting after a year or so, or they may offer a cleaning service.
Even a small gesture can make a large difference because it shows that you value your tenants.
Keep Property in Good Condition
It might be time for a rental property upgrade. At the very least, you should be keeping up with rental property maintenance. After all, no tenant wants to live in an apartment or house that's in disrepair.
Too many landlords settle for "good enough." They don't put any money back into their investment (in this case, the property) but still expect to earn a lot of money from it. This is a huge mistake.
If a tenant can find a better property elsewhere, they will. A property management company can help you keep up with your property maintenance.
Keep Rent Reasonable
How much are you charging your tenants for rent?
You should be keeping your rental prices reasonable for the area. An unfortunate number of landlords choose to raise rents so high that fantastic tenants have no choice but to leave, and then they wonder why they keep getting bad tenants.
Even if you choose to raise rents, keep them reasonable, and consider offering current tenants lower increases so that your property is still more affordable than surrounding ones that your tenants could easily move to.
Get More Lease Renewals With These Tips
Getting lease renewals doesn't have to be hard. It comes down to treating your tenants with respect, maintaining your property, keeping rents reasonable, and potentially offering incentives. When you have good tenants, do your best to keep them.
Do you need help with tenant retention and other property management tasks for your property in or near DeLand, Florida? PMI Central Florida can help! Get your free rental analysis and schedule a consultation with us today.
