Have you noticed most of your renters leave when their lease is up, instead of asking to stay another year? Don't wait for your tenants to speak up! Instead, offer incentives and improve their living conditions to boost lease renewals.
Increasing lease renewals can help you avoid the expense of numerous vacancies. Instead of spending money on marketing and tenant screening, you can retain your favorite tenants for years. Read on to learn how to boost renewals for your properties in Orlando today!
Set Rental Property Rules
Before using these tips to retain tenants, consider the beginning of your rental leasing cycle. Nurturing landlord-tenant relationships from the start could encourage renters to stay later. They'll recognize that you care as a landlord.
Use ongoing communication to show tenants they're appreciated and cared after. Don't wait until the end of a lease term to engage with them!
When renters first move in, let them know how to reach you with questions or tenant complaints. Listen to your tenants and remain responsive. If they have to wait days or even weeks for a response, they could get frustrated.
Remain upfront about your expectations when they first move in. Set rental property rules for a smoother tenancy.
Streamline Tenant Rent Collection
Modernize your systems to make everything easier for your tenants. State-of-the-art technology can ensure ease and efficiency. For example, you can use an online portal for tenant rent collection.
About six million American households (15%) are behind on rent. Consider giving renters a grace period. Instead of expecting rent on the first of the month, extend the deadline to the fifth.
Your tenants will appreciate your patience and understanding.
Complete Rental Property Maintenance
Use an online portal to accept rental property maintenance requests. When you receive requests, complete them as quickly as possible.
If you fail to complete the repair or maintenance request, tenants can:
- Abandon the premises
- Retain the amount of rent withheld
- Terminate the lease
- Avoid any liability for future rent or charges
Completing maintenance requests quickly will show tenants that you care about their needs.
Consider making strategic property upgrades to encourage renters to stay. For example, you can offer storage space, a doggie daycare, or a rooftop garden. In individual units, you can offer new appliances, energy-efficient windows, or new counters.
Gather feedback from your tenants. Learn about their needs to make upgrades they want.
Use Rental Payment Incentives
Do you offer new renters a free month of rent when they sign their lease? Consider offering the same rental payment incentives to retain renters.
Give your current tenants a 90-day notice when their lease is about to end. Give them time to consider their options. This will also give you time to market the listing if they decide to leave.
Boost Lease Renewals in Orlando, FL Today
Learning how to increase lease renewals can help you avoid the stress of long-term vacancies. Use these tips to retain your Orlando, FL tenants. Otherwise, consider asking an experienced property manager for help.
RightHouse Realty LLC can help your investment flourish. With decades of experience in the industry, we know how to ensure satisfaction for property owners and tenants. Contact us today to discover how we can increase your lease renewals!
