How many of your Hendersonville, NC rental properties are currently sitting vacant? By the end of the year, your vacancy rate could rise as renters leave. Before that happens, start encouraging lease renewals.
Increasing renewals will give you an ongoing source of income. You can retain renters you know and trust with your properties. Start using these effective renewal strategies today!
Know Your Renters
Before using the rest of these tips, consider your tenants. Understanding their needs and expectations will help you appeal to those needs. Your tenants will recognize you care about their living experience.
For example, they may ask for:
- Better security measures
- Communal outdoor spaces
- A dog park
- Open floor plans
- Energy-efficient appliances
- Better parking
If you empathize with your renters, they may feel more inclined to trust you. If they trust you as a landlord, they may not want to move. You could have an easier time encouraging them to renew their lease.
Improve Tenant Communication
When tenants move in, provide them with more than one way to reach you. Modernize your systems for ease and convenience. For example, you can start using an online tenant portal.
You can also streamline tenant communication with emails, text, or social media posts. Your tenants will appreciate that it's easy to reach you with their concerns.
When tenants do reach out, listen to their feedback. Make changes based on their needs or concerns.
If you wait too long to respond, tenants may grow frustrated. They'll look for another landlord who cares about their problems. Hire a property management company to handle these requests on your behalf.
Complete maintenance requests as quickly as possible. Otherwise, tenants may decide to take legal action.
They may move out without further liability for rent or sue you. Completing maintenance quickly will improve their quality of life. Renters may feel more encouraged to stay if you prioritize their needs.
Offer Lease Renewal Incentives
Consider offering lease renewal incentives to encourage renters to stay. For example, perhaps you offer new tenants the first month of their rent free. You can provide the same monetary incentive to existing renters to avoid downtime between tenants.
You can also offer a gift card to a local shop or restaurant. If you're trying to find new renters, develop a referral marketing strategy. Your existing renters can help you gain new tenants.
Instead of increasing the rent, look for compromises. If the rent increase is too aggressive, renters will leave.
While using these tips, try to remain flexible. The vacancy rate in the US is over 6%. If you don't remain patient, you could lose renters, leading to a high vacancy rate.
Boost Lease Renewals in Hendersonville
Increasing lease renewals will give you an ongoing source of income, even in a tough rental market. Use these lease renewal strategies to retain your best renters. Otherwise, consult a property management company.
With professional services, you can retain tenants and avoid long-term vacancies. PMI Blue Ridge has nearly 20 years of industry experience.
We can help maximize the value of your assets. Contact us today to discover our effective lease renewal strategies.