How often do your favorite renters leave, leaving you with a vacant rental property? The rental vacancy rate in the US has reached 6.1%. If you're not encouraging lease renewals, you'll have to worry about filling even more vacant units than before.
Instead, use these tips to get tenants to renew their leases in Teton Valley, ID. These strategies can help you maximize your occupancy rate and ROI. Generate more revenue with these tips for renewals!
Track the Leasing Cycle
Send a message to your tenants within three months of their leasing cycle ending. Ask if they want to renew their lease and let them know if their rent is increasing.
With more inventory and less demand, renters now have more leverage. As a result, more renters are negotiating lower rent prices when their lease is up for renewal. These negotiations work 25% of the time.
Instead of rushing to renew each tenant's lease, remain willing to negotiate. Ask tenants what they want. For example, some tenants may want more flexible leasing cycle options.
You can offer a monthly, six-month lease, 12-month, or two-year rental option. Allowing tenants to choose will show them you care about their needs. They may feel more inclined to stay longer.
Gather Tenant Feedback
If tenants are unhappy, they'll leave and search for a different rental property and landlord. Prioritize your landlord-tenant relationships from the moment tenants move in. Keep lines of communication open and offer your help when possible.
Gather tenant feedback to make informed improvements based on your renters' needs. For example, some renters may ask for a rental payment grace period. Others may ask for property upgrades.
Offer Online Rental Payment Options
Make life easier for yourself and your renters. Offer online rental payment options using a tenant portal. Allowing renters to pay online could help you avoid late payments.
Renters can use the platform to automate payments. You can also automatically charge a fee when payments are late.
Complete Rental Property Maintenance
Use your online tenant portal to accept and schedule rental property maintenance. Neglecting to complete maintenance projects could upset renters. They may decide to leave when their leasing cycle is over.
Prioritizing maintenance will allow you to avoid more costly repair projects later. It could also make it easier for you to attract future renters.
Offer Incentives
Encourage more tenants to renew their leases by offering incentives. Incentives can show renters how much you value them. For example, you can offer:
- A gift card to a local store or restaurant
- A discount, rent credit, or free month of rent
- Upgrades (new appliances, fresh paint, etc.)
Use the tenant feedback you gather to determine what incentives align with the tenant's needs. Show tenants you're listening and care.
Boost Lease Renewals in Teton Valley
Generating more lease renewals can help you increase your occupancy rate. Use these tips to boost tenant satisfaction. Your happiest tenants will feel more inclined to stay in your Teton Valley rental.
You don't have to apply these strategies alone. PMI Grand Tetons has over 20 years of industry experience. We use state-of-the-art technology to help landlords maximize their earning potential.
You can trust our award-winning strategies. Contact us today to start generating more lease renewals!
