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Is the country's rising rental vacancy rate (now 6.4%) causing you landlord stress? Instead of watching your vacancy rate rise, engage your current renters. Generating lease renewals can improve your occupancy rate and profitability.
It can also reduce the cost of marketing and tenant screening. Instead, you can keep great renters you already trust.
Not sure which lease renewal strategies are effective? Read on for landlord tips Morristown owners use to ensure success!
Start Improving Tenant Relations
Your current tenants won't want to stay if you're an unreliable, uncommunicative landlord. Show renters that you care about their needs by improving tenant relations.
Provide tenants with multiple ways to reach you when they need help. You can use an online tenant portal to consolidate communications. Otherwise, you may miss a message, which can frustrate renters.
Be prompt, kind, and professional when responding to requests. Let tenants know you're working to find a solution to their problems.
Give our renters a 90-day notice when their lease is about to end. This will give them time to review their options. If they decide to move out, you'll have time to market the vacant unit.
Complete Maintenance
Your tenants may decide to break their lease if it's in despair. You have essential maintenance obligations as a landlord. Fulfill these obligations by scheduling regular inspections and responding promptly to requests.
Before you start receiving requests, research local contractors. Make a list of reliable companies and compare rates. If there's an emergency, having this list can save time.
Start building an emergency fund before there's an accident. You can use this fund to cover maintenance projects or upgrade the property.
Offer Upgrades
Your current renters may decide to move out if they find a better rental at a similar rate. Make your investment property more attractive with attractive upgrades. These can include:
- Smart home technology
- New kitchen appliances
- New kitchen counters
- Energy efficient windows
- New floors or carpets
- Landscaping
Use incentives to encourage renters to renew their leases. Offer a gift card, rent discount, or cleaning services.
Remain Flexible
As you apply these lease renewal strategies, try to remain flexible. Some of your renters may want to negotiate. Others may request a monthly or two-year leasing option.
Remaining flexible allows you to appeal to a broader audience. You can meet each tenant's unique needs to increase renewals.
Choose Property Management in Morristown
Partner with a property management company. Their services can improve tenant satisfaction rates. Keeping tenants happy can encourage them to stay for another lease term.
Choose a full-service property management company. They can help you operate more efficiently, improving your ROI.
Boost Lease Renewals in Morristown
You don't have to improve lease renewals on your own. Instead, partner with an experienced property management company. Their lease renewal strategies can improve your occupancy rate.
PMI Prime Property has been changing the property management industry for 20 years. Rely on our award-winning services and proven strategies to maximize your earning potential. Contact us now for a free rental analysis.
