How high is your tenant retention rate? In a single year, two-thirds of renters chose to renew their leases. Increasing lease renewals can improve your occupancy rate and earning potential.
You can avoid the stress (and cost) of properties sitting vacant. Instead, you can keep great tenants you already trust.
Not sure how to encourage renters to stay? Read on for the tips you need to generate renewals!
Set Rental Property Rules
Before applying the rest of these tips, invest in tenant screening services. You won't want to generate renewals if you have troublesome renters. Avoid tenants with a history of evictions or late rent payments.
Instead, establish rental property rules. Documented rules will ensure you and your renters are on the same page. You can avoid stressful situations and discover which renters are worth retaining.
Look for ways to make life easier for you and your tenants. For example, you can offer a rental payment grace period.
Instead of paying on the first of the month, extend the payment period to the fourth. Tenants will appreciate that you're flexible and patient.
Enhance Tenant Communication
Build strong tenant-landlord relationships the moment new renters move in. Communicating with tenants will show them you care about their needs. They'll begin to rely on you as a landlord.
Simplify tenant communication by investing in an online tenant portal. From there, tenants can submit rent payments and maintenance requests. You can use automation tools to quickly respond to frequently asked questions.
If you don't respond quickly, tenants may grow frustrated. They may decide to move out when their lease ends.
To keep up with requests, consider hiring a property management company. They can strengthen tenant communication and satisfaction rates. Keeping your renters happy could lead to more renewals.
Keep Up With Rental Property Maintenance
Your current renters won't want to stay another year if the property is falling apart around them. Keep up with maintenance requests. Otherwise, renters may decide to break their leases.
Routine inspections and maintenance will keep the property in good shape. Even if renters don't renew, you'll have an easier time attracting new tenants.
Offer a Tenant Property Upgrade
Encourage tenants to stay by offering a rental property upgrade. Talk to your tenants and ask what they want or need. Their recommendations can help you choose incentivizing upgrades.
For example, you can add new kitchen appliances, hardwood floors, or energy-efficient windows. Choose upgrades that improve the renter's quality of life.
You can incentivize them with monetary gifts. Consider offering them a gift card to a local restaurant or a month off rent.
Get More Lease Renewals in Punta Gorda
Generating lease renewals will improve your occupancy rate and earning potential. Use these tips to keep great tenants in Punta Gorda, FL. Remember, you don't have to do it all alone.
Consider partnering with an experienced property management company. PMI Heartland Realty has 20 years of industry experience. Leverage our award-winning services and state-of-the-art technology.
We can help improve your occupancy and retention rates. Contact us today to increase renewals!
