Keeping your tenants happy and having them renew their leases is a win for both parties. They won’t be stressed looking for a new place, and you don’t have to spend extra time and money showing the unit. If you’re worried that your tenants will go searching to see if the grass is greener somewhere else, here are our tips to help get your existing tenants to renew their leases.
Establish a relationship
You shouldn’t be best friends with your tenants, but you should be friendly enough that they feel comfortable approaching you with concerns or requests. Maintaining positive relationships with your tenants is very important and will factor into their decision to renew their lease. You will most likely already have some sort of relationship with your current tenants, and a benefit of having them renew their lease is that you will not have to start from scratch with a new tenant.
Keep the rent the same
You’re already saving money if you retain your tenants so you can try to keep the rent at the same price. Not raising the rent when they renew the lease will build credibility and will please your tenants. If you decide that you will raise the rent, make sure you do your research to figure out what other landlords are charging. If tenants can find a new place of equal value at a lower price, they’ll most likely make the move. A small increase is usually fine just ensure it’s done well in advance.
Maintain the property
Make sure that your building is well kept and attractive. This will help retain your tenants since curb appeal of a building is a big factor in renewing a lease. Drive by other buildings in the neighborhood and notice what other buildings offer that you don’t, and make necessary changes. If tenants already know that you are quick to respond to maintenance requests they will be more likely to renew.
Always start the renewal process before the actual lease expires. This way no one feels rushed and you aren’t scrambling to find new tenants if they decide not to renew. It is best to contact your tenants a few months before their lease expires and tell them that you would like them to renew their lease for another year.
Offering your tenants free or discounted services for renewing their leases will entice them to stay where they are. Whether it’s room painting or upgrading appliances, showing your tenants a little appreciation may be enough for them to stay for another year.
Another incentive to make your tenants renew is to start offering online rent payments. It makes collecting rent hassle-free for you and makes paying rent rewarding for your tenants. Head to https://rentmoola.com/managers for more information.