What if you could sit back, relax, and know money was rolling in? Once you improve your occupancy rate, you can! Unfortunately, the rental vacancy rate in the US is 6%.
Improving your tenant retention rate with leasing management strategies can make all the difference. You can improve your ROI and have peace of mind that reliable renters are in the unit.
Not sure how to get tenants to consider a lease renewal? Read on for the tips you need for success.
Communicate With Tenants
Try to foster a strong landlord-tenant relationship from the moment renters move in. Let them know you're available to answer their questions or provide help. Tenants will feel confident in your abilities as a landlord.
If they feel well taken care of, they're more likely to trust you. When it's time to consider a lease renewal, they may decide to stay. If you tend to ignore their inquiries and requests, they'll look for a more empathetic landlord.
Make it easy for tenants to reach you by offering them access to a tenant portal. From the portal, tenants can:
- Pay rent
- Make maintenance requests
- Review their leases
- Send you messages
You can streamline communication while offering ease and convenience. The portal can even automate rent payments and late fees.
When it's time for tenants to consider renewing their lease, send them a 90-day notice. They'll have time to consider their options. If they decide not to renew, you can market the vacant unit.
Complete Maintenance
Respond to tenant maintenance requests as quickly as possible. The longer you wait, the more frustrated they could become. Tenants may decide not to renew if you're not taking care of them and the property.
Tenants may even decide to take legal action. Tenants can seek money damages (rent abatement) if you don't keep up with repairs.
Routine maintenance and property inspections will allow you to maintain a stunning rental property. Otherwise, you may need to pay for more expensive repairs later.
Offer Upgrades and Incentives
Encourage renters to stay by offering property upgrades. For example:
- New floors
- New appliances
- A fresh coat of paint
You can incentivize them with a cash gift or gift card to a local restaurant. Renters will recognize that you care and want them to stay.
Hire a Property Management Company
If you're struggling to improve your tenant retention rate, hire a property management company. They can improve landlord-tenant relations on your behalf. They'll also cover maintenance, lease enforcement, and other ongoing tasks.
Improve Your Leasing Management
A strong leasing management strategy can boost your tenant retention rate. The longer tenants stay, the less you'll have to worry about vacancies. Apply these tips to encourage a lease renewal today!
Remember, you don't have to apply these strategies alone. Working with an experienced property management company can save you time, money, and stress.
Carolina Property Management has served Charlotte, NC since 2008. We offer exceptional services to residents and investment property owners. Our clients always come first.
We'll tailor our services to meet your needs while treating your home as our own. Contact us for help with your lease renewal strategy today!
