Did you know two-thirds of renters in the US renewed their leases? Your current tenants likely want to stay. If you rush to increase their rent, however, you could scare them away.
Instead, use these tips to generate more lease renewals in Lake Havasu. These strategies will encourage more renters to say yes when it's time to renew. Boost your occupancy rate and ROI with these strategies!
Screen Tenants
You won't want to retain your current tenants if they cause trouble. Before applying the rest of these tips, develop a tenant screening process. You can avoid choosing renters who may:
- Damage the property
- Disrupt neighbors
- Cause legal trouble
- Fail to pay rent on time
For thorough screening reports, request tenant placement services. A property management company will help you choose great tenants. You can retain these renters to avoid future landlord stress.
Offer Excellent Customer Service
Building a strong landlord-tenant relationship can encourage renters to stay. The majority (63%) of tenants have an "excellent" or "good" relationship with their landlord. Only 6% say it's "terrible."
Meanwhile, two in five renters think they'd make better landlords than their building's owner. To build better relationships, meet each tenant's needs. Offering excellent customer service can improve satisfaction rates.
To maintain a strong line of communication, provide tenants with access to an online portal. You can automate basic responses to avoid delays. If you wait too long to respond, tenants may grow frustrated.
Tenants can use the portal to submit maintenance requests. Fulfill these requests as soon as possible.
Failing to complete maintenance tasks can lead to upset renters. They may even take legal action.
Choose Home Upgrades
Offer tenants the best possible living experience. They won't want to move to a less appealing property. To meet and exceed their expectations, offer home upgrades.
These upgrades can include:
- New kitchen appliances
- New backsplash
- Hardwood floors
- Smart home technology
- Better parking options
Consider Lease Negotiation
Send tenants a 90-day notice when their lease is about to end. This will give them time to explore their options.
Remain willing to negotiate. Some tenants may ask for a lower rent increase. Others may ask for home upgrades to offset the increase.
Pay attention to the renter's requests. Finding a compromise can help increase your retention rate.
Consider offering a one-time rental discount. You can show tenants you care without losing income.
Hire a Property Manager
You can enhance your landlord-tenant relationships by outsourcing. A property management company can respond to inquiries on your behalf. Relying on their services can boost tenant satisfaction rates.
Generate More Lease Renewals Today
Learning how to encourage lease renewals will improve your occupancy rate. Reducing vacancies will help improve your profitability. Use these proven strategies to encourage more renters to say yes to renewing!
You don't have to apply these strategies alone. Instead, partner with an experienced property management company.
Our team at PMI Lake Havasu has 20 years of experience generating renewals. Trust our expertise, proven strategies, and state-of-the-art technology. Contact us today to generate more lease renewals!
