With more inventory and less demand, landlords are having to compete for tenants. Don't let your investment properties stay vacant! One in four renters are successfully negotiating lower rent prices when their lease is up for renewal.
Remaining flexible can help you start retaining tenants long-term. Retaining tenants will save you money by allowing you to avoid vacancies.
With the right lease renewal strategies, you can encourage your most responsible tenants to stay. Not sure where to start? Read on for the tips you need to improve your retention rate today!
Choose Responsible Tenants
Before applying the rest of these tenant retention strategies, consider how you choose tenants in the first place. Neglecting to screen tenants can lead to unnecessary stress. Unreliable tenants may:
- Damage your investment property
- Fail to pay rent on time
- Upset neighbors
- Cause you landlord stress
- Make constant requests
Before selecting tenants, develop a tenant screening process. Consider outsourcing this process to a property management company.
Screening tenants will allow you to avoid stressful situations. Outsourcing will ensure you gather accurate information from your tenant screening reports. You can use this information to make informed decisions as you choose renters.
Leverage Leasing Technology
Enhance the experiences you're offering your residential and commercial tenants. Use leasing technology to modernize processes. A tenant portal can virtualize and automate lease renewals, maintenance requests, and more.
Keeping your current tenants happy is key to retaining tenants. Otherwise, your renters may leave to find a landlord who understands their needs.
Leasing technology can reduce errors, automate rent payments, and send reminders on your behalf. For example, it can send renters a 90-day notice when their lease is about to end. Sending your tenants an early notice will give them time to explore their options.
Offer Upgrades and Incentives
Encourage renters to renew their leases by offering upgrades and incentives. Choose upgrades that benefit you as a real estate investor. Upgrades that can boost the property value include:
- Keyless entry locks
- Learning thermostats
- Smart home devices
- New kitchen appliances
- Energy-efficient upgrades
Offering these upgrades will show renters you care about their living experience. They may decide to stay knowing you offer what no one else does.
Do you offer new tenants a month off their rent when they first move in? Consider offering the same discount when your tenants renew their leases. Discounts and gift cards to local stores and restaurants could encourage renewals.
Complete Maintenance
Offer renters the best living experience by keeping up with maintenance. Schedule inspections to determine if it's time to schedule repairs. Your property management company can handle repairs and inspections for you.
Neglecting to complete maintenance could upset renters. They may decide to leave for a landlord who cares about their needs.
Apply These Lease Renewal Strategies Today
Don't miss the chance to start retaining tenants! Instead, use these lease renewal strategies to boost your occupancy rate. With these tips, you can keep responsible tenants you already trust with your rental properties.
You don't have to apply these tenant retention strategies alone. PMI Atlanta City has 20 years of experience helping investors like you. We can maximize your earning potential with our award-winning strategies.
Leverage our experience and state-of-the-art technology to retain responsible tenants. Contact us for help with your retention strategy!
