The rental vacancy rate in North Carolina is about 6.3% (while the nation's average is 6.1%). Each vacant unit will cost you thousands in revenue a month. Learning how to increase lease renewals can ensure your success in today's competitive market.
Retaining renters can lead to higher occupancy rates and earning potential. Not sure how to encourage renewals? Read on for proven strategies that can get renters to stay long-term!
Set Rental Property Rules
Establish your rental property rules and pet policies before renters move in. Outlining your rules can help you avoid problematic tenants. Instead, you can find renters you want to retain for more than one leasing cycle.
The best tenants will:
- Respect you and their neighbors
- Pay rent on time
- Respect your property
To ensure you find reliable renters, develop a tenant screening process. Review each tenant's credit score, criminal background, and rental history. Confirm that they don't have a history of evictions or paying rent late.
You can outsource this process by requesting rental management services. Discover the difference between rental management and tenant placement here.
Increase Tenant Satisfaction
Engage tenants the moment they move in. Ongoing communication will show renters that you care about their needs. They'll start to see you as a reliable landlord.
Consolidate communication with an online tenant portal. From there, tenants can:
- Review leasing documents
- Pay rent
- Submit property maintenance requests
- Send inquiries
Respond to tenant inquiries as soon as possible. Delays may lead to frustrated renters. Instead, try to increase tenant satisfaction rates by offering better service.
Provide tenants with a 90-day notice when their lease is about to end. Give them the option to renew their lease.
Negotiate Rent Pricing
Show renters you're willing to negotiate when their lease is up for renewal. Some tenants may want to negotiate for cheaper rent. Others may request new property amenities or flexible leasing options.
You may lose renters if you rush to increase their rent pricing. Instead, try to find a compromise.
Complete Property Maintenance
Keep up with routine maintenance to offer tenants better living experiences. If you fail to fulfill requests, they may decide to move out. Some tenants may take legal action.
Allow tenants to submit and track maintenance projects using their online tenant portal. Outsource to save time and money.
Start creating an emergency fund for maintenance projects now. You can avoid delays and show tenants you care about their living spaces.
Hire a Property Management Company
Consider partnering with an experienced property management company. A full-service company can meet the needs and expectations of your tenants. You can increase your tenant satisfaction and tenant retention rates using proven strategies.
Increase Lease Renewals in Burlington
Learning how to increase release renewals can help you remain competitive in today's real estate market. Use these effective strategies to encourage renters to stay. Otherwise, outsource to an experienced property management company.
Our team at Legacy Property Management Inc. has 30 years of collective management experience. We distinguish ourselves from the competition with our "service first" approach.
We tailor our services to meet each client's unique needs. We'll take care of everything from marketing to leasing management. Contact us for help generating more lease renewals.