Only 60% of renters renewed their lease in 2023, which shows that landlords must work harder to retain residents.
Receiving lease renewals slash vacancy rates and ensure you earn a profit on your property. But with so much information online, it can feel impossible to know where to focus your efforts.
Does this sound familiar? Fortunately, we've got the answers you're searching for. Here's how to get lease renewals in St. George, UT.
Start Early
A top tip is getting residents to renew early in the leasing cycle. Get members of your team to communicate with tenants regularly to keep them happy and pinpoint potential issues. Not only will it reduce the chances of them leaving, but it will also show residents you appreciate their business, which will boost your reputation.
Create a Seamless Process
When you create a seamless renewal process, residents are more likely to react positively.
Ideally, send tenants a notice at least 90 days in advance to give them time to consider the offer. You should include your details so that tenants can contact you if they have questions.
Decide if Rent Increases Are Worth It
Many landlords make the mistake of increasing rent; only to cause tenants to file their notice. Remember that the price is the biggest factor that encourages residents to either leave or stay in a property. This means you should avoid increasing the rent price when it's unnecessary or, if you must, go with a 5% rise at the minimum.
Act on Resident Feedback
No rental property is perfect, which is why landlords should take on board and act on tenant feedback. This could be anything from necessary rental property maintenance to potential improvements. Once you pull through, tenants will respect you and be more willing to stay.
Invest in the Tenant Experience
Another way to get lease renewals is by investing in the resident experience. Aside from handling requests promptly, maintain open communication and, if you have multiple properties, consider hosting an event to strengthen the community. If you're struggling with time, hire a property management company and they will keep tenants happy for you.
Make the Right Property Upgrades
You can also set a great impression by choosing a relevant rental property upgrade to invest in. The key is to focus on projects that will improve the resident's experience without increasing the rent. For instance, landlords could repaint tired-looking rooms or replace dated pieces of furniture.
Offer Incentives
If you haven't already, offer rental incentives to make tenants happy. There are many to choose from, such as offering residents a discount or a free upgrade like a new kitchen appliance. This shows how much you respect tenants, which will prevent them from leaving.
Guarantee Lease Renewals Today
Now that you know how to boost lease renewals, it's time to start.
Landlords should start the process early and act on tenants' feedback to keep everyone happy. At PMI St. George, we understand that most landlords don't have time to manage their properties alone. That's why, we're here to help you with everything, from screening to property maintenance.
Want to learn more? Then, contact us here.
