According to Avail, nearly 30% of renters are negotiating lower rent prices when renewing their leases. Renters want to renew.
With more inventory and less demand, landlords are competing for renters more than ever before. Applying the right lease renewal strategies can help you retain great renters long-term. Generating more renewals will boost your occupancy rate and profitability.
Not sure how to keep renters? Read on for our most effective tenant retention tips!
1. Choose Reliable Renters
Before applying the rest of these landlord tips, develop a tenant screening process. Screening applicants will ensure you find renters you want to keep. Otherwise, you may select renters who are behind on rent or have a history of evictions.
According to The Eviction Lab, eviction filings are 50% higher than the pre-pandemic average in some cities. Landlords file about 3.6 million evictions annually. Evicting a troublesome tenant can be costly and time-consuming.
Instead, outsource your tenant screening process to a property management company. They'll review each applicant's:
- Rental history
- Eviction history
- Employment verification
- Credit score
- References
Outsourcing will ensure you remain compliant with state and federal screening laws. You can choose great renters you want to retain long-term. Hiring a property management company will save you time and money by ensuring you gather accurate reports.
2. Offer Upgrades and Incentives
Talk to your current tenants to determine their wants and needs. Meeting and exceeding their expectations will increase satisfaction rates. Effective upgrades and incentives include:
- Smart home technology
- Energy-efficient upgrades
- New kitchen appliances
- New floors
- Cleaning services
- More parking options
Choose upgrades that will improve the property's value. You'll have an easier time attracting renters in the future.
Leverage property management strategies and software to make your tenants' lives easier. For example, they can submit rent payments and maintenance requests through an online portal.
3. Complete Maintenance
Show tenants that you care about their living experiences by completing maintenance requests in a timely manner. Delays can frustrate your renters. They may decide to move out if you're not providing a habitable living space.
You can outsource this process to a property management company. They'll find reliable contractors who can complete repairs efficiently.
4. Apply Professional Tenant Retention Tips
For more tenant retention tips, partner with a full-service property management company. They can engage tenants on your behalf. Improving tenant relations can increase satisfaction rates.
Their lease agreement tips can streamline the renewal process. If the process is complicated, renters won't bother.
A property manager can handle lease negotiation. Instead of increasing the rental rate, they'll find a compromise that works for everyone. Increasing renewals can help you avoid the cost of a long-term vacancy.
Outsource for More Lease Renewal Strategies
Developing effective lease renewal strategies can become time-consuming and stressful. Instead, hire a property management company. Their effective lease renewal tactics can boost your occupancy rate and ROI.
PMI San Jose is recognized across multiple industries for a strong track record of success and award-winning services. Trust our state-of-the-art technology and 10 consecutive years in the Top 500. Contact us now for a free rental analysis.
