More renters (28%) are negotiating lower rent prices when their lease is up for renewal. To increase lease renewals, more landlords (25%) are remaining open to these negotiations. Increasing your tenant retention rate will save you money on marketing and long-term vacancies.
Not sure how to get your renters to consider renewing their tenancy agreement? Read on for the tips you need to keep great tenants!
Invest in Tenant Screening Services
Before applying the rest of these tips, develop a tenant screening process. Screening renters will ensure you find tenants you want to retain. Otherwise, you'll feel relieved when your troublesome renters finally leave.
If you're in a rush to fill vacancies, you may only focus on an applicant's financials. A thorough report includes:
- Background checks
- Eviction histories
- Employment verification
- Rental histories
- Credit reports
About nine in 10 landlords use some form of these reports. Gathering this information could take you weeks, though. Instead, outsource the process to a property management company.
An experienced property manager can help you select renters you want to retain long-term. You can feel confident knowing reliable renters are staying in your investment property.
Improve Tenant-Landlord Relations
Foster a strong relationship with your tenants from the moment they move in. Remain available to answer their questions and provide help. Your tenants will learn to trust you as a helpful, reliable landlord.
They'll want to stay longer, knowing they can trust you. To streamline communications, provide them with access to a tenant portal.
When it's time to renew their tenancy agreement, provide renters with a 90-day notice. Allow them to review their options.
Remain open to negotiations. Some renters may want a different lease duration. For example:
- Monthly
- One year
- Two years
Remaining flexible will give you the chance to find a compromise. You can find an option that works for everyone while improving your retention rate.
Complete Maintenance
Provide tenants with an amazing place to stay. Keep up with maintenance requests and schedule inspections.
Routine maintenance will show tenants you care about their living experience. You can avoid more expensive repairs later, too.
Offer Upgrades and Incentives
Encourage renters to stay by making the property a more desirable place to live. Consider:
- New floors
- Fresh paint
- New appliances
- Energy-efficient windows
If you offer new tenants a month off rent, use the same incentive if renters decide to renew their lease.
Hire a Property Manager
If you're struggling to improve your retention rate, hire a property management company. An experienced property manager will use proven, effective strategies. They can save you time and money by handling this process on your behalf.
Boost Lease Renewals in Chicago Today
Generating more lease renewals can boost your occupancy rate while giving you peace of mind. You won't have to worry about vacant units stealing money from your accounts. Use these tips to generate more renewals in Chicago!
You don't have to develop your leasing management strategy alone. Chicago Style Management is dedicated to helping clients reach their long-term goals. We can maximize the profit of your investment while making the process stress-free.
Need help encouraging rent renewals? Contact us today to meet your property manager!
