How to Get More Lease Renewals From Your Tenants
About 28% of renters negotiated the price on their most recent lease renewal last year. With more inventory and less demand, landlords have to compete more often for tenants. Working with your tenants could help you retain them longer.
A higher lease renewal rate can save you time and money. You won't have to worry about finding new renters in a competitive market.
Not sure how to increase lease renewals in Denver, CO? Read on for the tips you need for success!
Gather Feedback
Talk to your current renters. Their feedback could help you make more informed changes to the rental experience you offer. Enhancing each tenant's living experience could encourage them to stay.
Listening to your tenants will show them you care about their needs and concerns. Provide an easy way for tenants to contact you from the moment they move in. For example, you can offer them access to an online tenant portal.
When you receive messages from your tenants, be responsive and professional. If they have to wait for help, they could get frustrated. Address their maintenance issues and answer their questions promptly.
As you gather feedback from your tenants, make changes to how you operate. Ask them to:
- Rate their rental experience
- Provide feedback about interactions
- Rate their likelihood of renewing
You can gather feedback about the changes tenants want you to make to the rental property. Some tenants may want communal spaces, additional parking, or property upgrades. Making changes based on their feedback could encourage them to renew.
Offer Incentives
Consider offering tenants incentives to encourage lease renewals. Over 32% of rentals advertised concessions to incentivize renters. Offering incentives can help you compete with other rental properties.
For example, you can offer:
- Subscription gift boxes
- A free cleaning
- Property upgrades
- A temporary rent reduction
- Cash rewards
If you decide to make property upgrades, choose upgrades that enhance the property value. Consider new flooring, energy-efficient windows, or smart home technology.
If tenants decide not to renew, these upgrades could make the rental property more desirable to future tenants. You can generate more rental income after enhancing the property.
Communicate in Advance
Give tenants a 90-day notice that their lease is about to lapse. Provide them with multiple leasing options if they plan to renew. For example:
- Monthly
- One-year
- Two-year
Remaining flexible can help you find a compromise. You could have an easier time generating renewals.
Hire a Property Management Company
If your lease renewal rate hasn't improved, request professional landlord advice from a property management company. The best property managers know which strategies are most effective at generating renewals.
A full-service property management company can enhance your tenant-landlord relations. They can respond to tenant inquiries when you don't have time. With their help, you can boost tenant satisfaction rates, leading to more renewals.
Increase Lease Renewals in Denver Today
Keeping tenants happy is key to generating more lease renewals. Use these tips to boost their satisfaction rates. Otherwise, consult a property management expert.
Team PMI Foothills has nearly 20 years of management experience helping investors like you maximize their rental income. We use state-of-the-art technology and award-winning services to support our clients' endeavors. Contact us today for help improving your lease renewal rate.
