Lease renewal rates reached 53.3% in a single year. What if you could generate even more lease renewals in 2024? Learning how to maximize lease renewals can save you time, money, and stress.
Here are four tips you can use to improve your lease renewal strategy. With these tactics, you can boost your occupancy rate and income potential! Encourage renters to stay today.
1. Communicate With Tenants
If you want to learn how to get tenants to renew leases, talk with your tenants. Understanding their needs can help you exceed their expectations. They'll want to stay if you prove you're a caring landlord.
Your tenants may mention wanting:
- Access to an online portal
- Automated rent payments
- Energy-efficient upgrades
- Lower rent prices
When speaking with tenants, remain patient, professional, and empathetic. The information they provide can prove invaluable.
Make it easy for tenants to reach you with inquiries and concerns. Provide them with access to an online tenant portal. From the portal, tenants can send messages, schedule maintenance, and pay rent.
Use the portal to automate lease renewal reminders. Send a reminder within 90 days of their lease lapsing. If renters decide not to stay, you can start marketing the unit before it's vacant.
Don't rush to increase your rental rates. About 25% of renters are negotiating lower prices when it's time to renew their leases. Remaining willing to negotiate and compromise can help you generate more renewals.
2. Complete Maintenance
As a landlord, it's your responsibility to provide renters with a habitable place to live. If you're neglecting maintenance, tenants may grow frustrated. Instead of renewing their leases, they may decide to take legal action.
Before that happens, hire a property management company. They can handle inspections and maintenance projects on your behalf. Your property manager will gather competitive bids to ensure you pay the best prices possible.
3. Offer Incentives
After talking to your tenants, consider offering upgrades and incentives to maximize lease renewals. Consider offering:
- New hardwood floors
- Carpet cleaning services
- Cleaning services
- A fresh coat of paint
- Energy-efficient windows
- New kitchen appliances
Choose property upgrades that will increase your property values. If renters decide to leave, you'll have an easier time attracting new renters.
Do you offer new renters a month off when they first move in? Consider offering the same deal when tenants renew their leases.
4. Hire a Property Management Company
You could waste valuable time trying to develop your lease renewal strategy alone. Hire a property management company instead. Their experience and expertise can help you generate more lease renewals.
They can interact with tenants on your behalf. Their services can boost tenant satisfaction rates, leading to more renewals.
Maximize Lease Renewals in Tampa, FL
Learning how to boost lease renewals will ensure you maximize your earning potential. Use these tips as you develop your lease renewal strategy. Otherwise, rely on the expertise of your property management company.
PMI MetroBay has 20 years of experience in the real estate management industry. We help property owners increase the value of their assets over time. Our state-of-the-art technology allows us to offer prompt, friendly, and professional services.
Ready to grow your investment? Contact us today to develop your lease renewal strategy.
