Within one year, over 63% of renters in the US renewed their leases. How many of your tenants are renewing leases every year? Without lease renewals, you'll miss a chance to boost revenue.
Instead, your vacancy rate could drop, causing cash flow problems. Before that happens, read on to discover tips for better lease management.
Communicate
Show tenants that you care about them the moment they sign their rental lease. Provide them with multiple ways to reach you. Consolidate communications using an online tenant portal.
If you're difficult to reach, renters won't want to stay another year. They'll leave to find a landlord who cares about their needs.
A tenant portal will allow renters to:
- Pay rent online
- Automate payments
- Send inquiries
- Submit and review maintenance requests
- Review documents
You can make their life easier by providing them access to the resources they need. Meanwhile, you won't have to remain available to answer basic questions.
If you're unable to respond to tenant inquiries quickly, outsource. A property manager can engage with tenants on your behalf. They can boost tenant satisfaction rates, leading to more renewals.
Schedule Maintenance
If the rental property is crumbling around them, tenants won't want to stay for another leasing cycle. Show them you care about their living environment. Schedule routine inspections and fulfill maintenance requests quickly.
A property manager can handle this task for you. They'll ensure proper upkeep.
Offer Incentives
Your current renters may want to leave for an upgraded rental property. Consider offering incentives and upgrades to encourage renewals. Choose upgrades that will improve property values and provide a competitive advantage.
For example, you can:
- Paint the interior and exterior
- Update the kitchen cabinets
- Add smarthome technology
- Update light fixtures
- Add new floors
Incentives include gift cards or discounts. Perhaps you give new tenants a free month's rent. Consider offering the same to tenants renewing leases.
Reconsider Rent Rate Increases
Don't rush to increase the tenant's rent. They may decide to leave for a cheaper option. Instead, remain willing to negotiate.
Some renters may ask for property upgrades. Others may ask for flexible leasing options. Try to compromise to increase your tenant retention rate.
Hire a Lease Management Company
Consider partnering with an experienced property management company. A full-service company can help with:
- Rental lease agreements
- Marketing
- Tenant screening
- Inspections
- Evictions
- Maintenance and repairs
- Rent collection
These services can ensure better tenant experiences. Your happiest tenants will want to renew their leases. As your tenant retention rate increases, you can watch your ROI rise!
Increase Lease Renewals in Huntsville
Learning how to generate lease renewals in Huntsville will boost your tenant retention rate and ROI. Use these proven lease management tips to encourage renewals. Otherwise, consult the experts.
PMI North Alabama has 20 years of industry experience providing professional property management services. We can maximize your owner profitability using award-winning strategies and the latest technologies.
Need more landlord advice for renewing leases and increasing the value of your asset? Contact our team today to meet your property managers!
