How to Increase Tenant Lease Renewals as a Landlord

How to Increase Tenant Lease Renewals as a Landlord

Moving is officially one of the most stressful life events someone can experience, and yet it's so common, especially for renters. Sometimes people have to move from home to home. But what if you want one of your favorite tenants to stay?

It's not always all about the rental income. If you have a reliable tenant, they're worth a lot. You should be trying to keep them around.

We're here to talk about how you can get more lease renewals and convince your favorite tenants to stick around. Read on to learn more.

Ask for Feedback

This is something you should be doing routinely, not just at the end of your tenants' rental lease. Ask for feedback and try to implement that feedback when you can.

Tenants want to know that their landlords care about their experience. If your tenants are having issues or if there's something you can do to make their lives better, you should know about it. This may make them more likely to stay on your rental property.

Communicate Early

When you know that you want your tenants to renew their lease, you should communicate that with them as soon as possible. Don't wait until the last possible moment. Give them time to decide.

Now, this could result in them having more time to find somewhere else to go, but that may not be the case. It can also allow them to have plenty of time to consider your offer and open up negotiations with you (which you should remain open to).

If they do decide to leave, it also gives you more time to plan for their vacancy and for the next tenant's arrival.

Offer Incentives

If you really want to keep some great tenants around, offer incentives. They don't have to cut into your profits too much. You can offer small things that are still meaningful to your tenants.

Perhaps you offer a small gift card to your tenants for a local business. You could also offer a free re-painting or cleaning service. Those are excellent incentives because they also benefit you as the landlord by keeping the property in better condition.

A good deal on rent is also a good incentive. Remember, one of the top reasons people move is because they can no longer afford the cost of living. If there's a more affordable place for them down the road, they'll go there.

If you must increase rent, keep it reasonable. Consider giving a one-month rent discount to returning tenants as many landlords do for new tenants.

Get More Lease Renewals With These Tips

Getting lease renewals isn't always easy. With these tips, you can keep your favorite tenants happy and keep them renewing their leases for years to come.

Are you a landlord in Winston Salem, North Carolina in need of property management help? At PMI of the Triad, our experienced team of property managers is here to help you turn your investment into a success.

Schedule a consult with us today.