Are you struggling to keep your best tenants? Without the right lease renewal strategies, more will leave. Imagine the money you'll waste on marketing and applicant screening!
Instead, use these tips to increase lease renewals in Niantic, CT. With these tips, you can retain tenants, saving money in the process. Boost renewals today!
Address Lease Renewal Early
Plan to address lease renewals long before a tenant's lease lapses. You can use property management software to automate notification emails. Notifying a tenant their lease is about to end will give them time to consider their options.
You can start encouraging them to renew their lease before they feel rushed to make a decision. If they decide not to stay, you'll have ample time to market the listing and find new tenants.
Improve Tenant Communication
If you're failing to communicate with your existing tenants, they may get annoyed. They might recognize you as a bad landlord and decide not to stay. Prioritize tenant communication to improve landlord-tenant relations.
When tenants move in, give them multiple ways to contact you. You can encourage them to submit maintenance requests through an online portal to streamline communications.
Consider hiring a property manager if you're struggling to keep up with tenant inquiries. They can communicate with tenants on your behalf. Their timely responses could save you time while ensuring tenants are happy.
Otherwise, be proactive when you receive maintenance requests. Completing maintenance requests quickly will show tenants you care about their living experiences. If you fail to fulfill their request, your tenants may decide to take legal action.
Gather feedback from your renters on an ongoing basis. Their feedback will help you recognize where you need to make changes and improvements.
If your renters are happy, ask them to share their reviews online. Positive reviews could help you attract future tenants.
Offer a Rental Property Upgrade
Improve the tenant's living experience by offering a rental property upgrade. Making upgrades can show them you care about their quality of life. For example, you can offer:
- Upgraded kitchen appliances
- High-speed internet
- Communal spaces
- A dog park
- A gym
- Open floor plans
Don't forget to talk to your tenants about the problems they're facing. For example, maybe their energy bills are rising due to drafts, air leaks, or an outdated HVAC system. They could lose up to $400 a month due to these issues.
Offering a new HVAC unit could encourage them to stay. Otherwise, they may look for a rental property that already offers one. Choose rental property amenities tenants are already looking for.
Increase Lease Renewals in Niantic
Increasing lease renewals will help you gain an ongoing source of income. You won't have to worry about marketing vacant properties or screening hundreds of applicants. Use these tips to encourage your current renters to stay!
You don't have to apply these lease renewal strategies alone. Working with an experienced property management company could make all the difference.
PMI East Lyme has nearly 20 years of industry experience helping landlords like you. We can help you boost renewals or find new tenants. Contact us today to discuss our lease renewal strategies.