Over 57% of market-rate renters with an expiring lease decided to renew (a 3.5% increase year-over-year). How many of your renters are choosing to renew? If you're not generating lease renewals, your vacancy rate will rise instead.
Here are a few strategies you can use to encourage renters to consider renewing a lease. With these tips, you can improve your occupancy rate and earnings!
Screen Applicants
You don't want to keep problematic renters. Before applying these tips, develop a tenant screening process. Review each applicant's:
- Credit score
- Criminal background
- Eviction history
- Rental history
Request references and speak with their previous landlords. Avoid renters who may damage the property or pay rent late.
Finding reliable applicants with a positive rental history will give you peace of mind. You can retain trustworthy renters long-term to avoid future landlord stress.
Develop Strong Tenant Relations
Foster strong tenant relations the moment new renters move in. Let them know they can always reach out if they have questions or concerns.
Streamline communications with multiple tenants. Use an online portal to respond promptly. If you delay replying to their needs, tenants may grow frustrated.
You can improve tenant relations by hiring a property manager. They'll respond to each tenant's needs on your behalf.
Satisfied tenants are more likely to renew leases. They'll want to stay knowing you're a helpful, reliable landlord.
After a few months, ask residents for their feedback. Ask how you can improve their living experience. Act on their feedback to improve satisfaction rates.
Modernize Systems and Properties
Gain a competitive advantage by modernizing your systems. For example, tenants now expect to pay rent online. Provide them with access to an online tenant portal to automate rent payments.
You can also offer:
- Learning thermostats
- Smart home assistants/speakers
- Keyless entry locks
- Security
Integrate technology into your rental properties and business practices. These investments will show residents you care about their living experiences.
Discuss Renewing a Lease Early
Ask tenants to consider renewing a lease 90 days before the lease agreement lapses. Discussing it early will give residents a chance to review their options.
Remain flexible. More tenants are negotiating rental rates.
Others may ask for a monthly or two-month lease option. Use these tips to master lease negotiations and renegotiations.
Reduce the Vacancy Rate With Advertising
Giving tenants a 90-day notice gives you a chance to advertise the listing before it's vacant. Use digital advertising, including Google and Facebook Ads. Digital advertising will direct more renters to your online listing.
Hire a Property Management Company
Increase your tenant retention rate by hiring a property management company. Leverage their expertise to improve tenant satisfaction.
Look for a company that offers tenant screening and marketing services. Relying on a full-service management company will save you time and money.
Increase Lease Renewals in Sugar Hill, GA
Generating more lease renewals in Sugar Hill will maximize your earning potential. These strategies can inspire more renters to stay. You can also outsource to an experienced property management company.
Our team at PMI Northeast Atlanta is here to help. We were voted Best of Gwinnett 2023.
Rely on our state-of-the-art technology and proven strategies to maximize your profitability. Contact us today to start retaining tenants!
