Just over 36% of Troy, OH residents are renters, but only about 3% of homes are available to rent. That means that now is a good time to be a landlord and make some money off of your spare property by renting it out.
Many people think low vacancies mean that tenant retention is easier, but this isn't always the case. Lease renewals can be tricky.
We're here to offer tips to increase renewals. Read on to learn more.
Provide Excellent Service
Building positive relationships with tenants is crucial if you want to encourage lease renewals. You should do your best to respond promptly to any tenant inquiries and maintenance requests, address their concerns, and make them feel valued and respected. If you don't, someone else will.
On the topic of providing excellent service for your tenants, it's your job to keep the property well-maintained and to address any maintenance issues as soon as possible. A clean and well-maintained property keeps your tenants happy and makes them more likely to renew.
In other words, part of being a landlord is putting money back into your investment to keep it nice.
Communicate Early and Often
Start discussing lease renewal options with tenants well before their current lease expires. If you wait until the last minute, they may feel trapped by your terms. They may look for other rental properties rather than trying to negotiate on such short notice.
Keep them informed about the renewal process, any changes in terms of rent, and the benefits of renewing their lease. Stay open to negotiations and make sure you answer any questions long before your tenants have to decide whether or not to stay.
Remember, tenant relations are all about communication.
Offer Incentives
Provide incentives to motivate tenants to renew their leases. These can include things like a rent discount, waived fees, or upgrades to their unit. You could also offer services like repainting or a one-time cleaning service (which also improves your property, so that investment is worthwhile).
Offering a renewal incentive shows appreciation for their loyalty and encourages them to stay. Too many landlords only offer new tenant discounts. Retaining tenants is more important than finding new ones when it comes to vacancy rates. Keep your current tenants happy.
Be Flexible
It's possible that your tenants are leaving due to rent increases or because your lease is too long. If you can be flexible, you may encourage them to stay.
Perhaps you don't raise the rent, or you do so only slightly. Remember, if there's a more affordable home elsewhere, your tenants can easily move there.
You could offer shorter lease terms for tenants who are planning a move soon as well. This gives you more time to prepare to rent out the property.
Increase Lease Renewals With These Tips
If you want to increase lease renewals for your property, these tips will set you on the right track. Being communicative and fair goes a long way when it comes to tenant retention.
If you're struggling with tenant relations in Troy, OH, a property management company can help. At PMI Oakridge Management, we're ready to keep you and your tenants happy. With our wide range of flexible and customizable property management services, your life will get easier.
Schedule a consult with us today.
