What if you never had to watch your best tenants move out? With the right lease renewal methods, you can encourage them to stay. Retaining trustworthy tenants can save you time, money, and future stress.
Not sure how to increase lease renewals in your El Paso, TX properties? Read on for the tips you need to retain tenants today!
Allow a Rental Payment Grace Period
Start your retention efforts early in the leasing cycle. Your El Paso tenants will recognize you as a good landlord. They'll want to stay another year, allowing you to boost renewals.
You can foster a strong tenant-landlord relationship by outlining your rules and expectations the moment tenants move in. Provide tenants with a copy of their lease agreement and your regulations.
Consider allowing a rent payment grace period. Instead of expecting rent on the first of each month, extend the period to the fifth of the month. Your tenants will appreciate your patience.
When it's time for tenants to renew their leases, don't rush to boost the rent. About 60% of renters saw a rent increase last year, but only 38% say their income increased. As a result, one in five said they were "extremely likely" to miss a payment.
If tenants don't think they can afford the increase, they'll leave. Instead, use the rest of these lease renewal methods to retain tenants.
Prioritize Rental Property Maintenance
Provide tenants with an easy way to reach you when they need to submit a rental property maintenance request. Complete their requests in a timely manner. If they have to wait too long for help, they could get frustrated.
Some renters may decide to withhold or deduct rent if you don't make repairs. They may even decide to end their lease. Fulfilling these requests will show tenants you care about their needs.
Set Tenant Lease Reminders
Send tenant lease reminders 90 days before the renter's lease lapses. An early reminder will give them time to decide if they want to renew.
If they don't decide to renew, you'll have time to market the listing, screen applicants, and find new renters.
Offer a Rental Property Upgrade
Consider offering a rental property upgrade to incentivize renters to stay. Strategic upgrades will also boost the property's value. You can offer:
- A new pool
- Bicycle repair stations
- Rooftop gardens
- Doggie daycares
- Storage space
- An outdoor patio
Choose investments that will make the property more appealing to future renters.
Hire a Property Management Company
If you're struggling with these lease renewal methods, hire a property management company. They can boost tenant satisfaction, which could help you retain renters. They'll also respond to tenant requests in a timely manner, allowing you to avoid landlord stress.
Increase Lease Renewals in El Paso
Increasing lease renewals in your El Paso, TX properties can save you time and money. You won't have to worry about finding and screening new applicants. Instead, use these tips to keep the tenants you already know and trust.
Need help increasing your retention rates? Rental Network Property Management has over 30 years of experience helping landlords like you. Contact us now to discuss your lease renewal strategy!