Dealing with a move-out and managing a recent vacancy can be time consuming and costly. If you already have good tenants, using incentives to influence your renters to renew the lease might be something you’ll want to do. If you’re worried about renter retention, consider doing one of these three methods to convince your tenants into staying.
- Fix Broken Systems
If you’ve been getting feedback from your tenants that they’re frustrated by one of your internal procedures, then you might want to consider reorganizing a bit. Even though getting used to a new procedure or software can be challenging, it can greatly influence your tenant’s happiness levels. In the era of Apple Pay, Venmo and Paypal, one of the biggest complaints modern renters have is the lack of online rent payment options. Consider looking into a low or no cost online rental payment system like Payrent.com to eliminate service fees and keep your tenants content.
- Make Upgrades
If the competition in your rental market is getting fierce, and your tenants are leaving to live with rival property, take a look at what the properties around you are offering. Are their rental prices cheaper? Have they made upgrades to their rental property? While it’ll take some time to formulate if upgrading your rental property is the right solution for you, take some time to consider upgrades that will not only add value to your property but make your tenants happy. This doesn’t have to be costly. A fresh coat of paint, renewed landscaping, and general routine maintenance can do wonders to your rental’s curb appeal. That being said, if you’re considering high dollar upgrades, these changes could not only attract new, better applicants and level the playing field in your rental market, but also influence your tenants to renew the lease.
- Show your Renters you Appreciate Them
There’s nothing wrong with a little tenant appreciation. Take the time to check up on the property and your tenants to see if they’re discontent about anything. If the lease is ending soon, make it a point to include your tenants about talks about the future (assuming you want them to renew their lease). If you decide to upgrade your property’s landscaping, get your renters involved by giving them a choice between two type of flowers they want planted. This will make your tenants not only feel more connected to you, but to your rental home as well.
While there is no one solution to increasing renter retention across all of your properties, challenging yourself to build your relationships with your renters, upgrading the property to stay competitive, and fixing internal procedures that cause a divide will drastically influence your good tenants to renew the lease. As a last resort, if your tenants really are perfect for your property, you can always consider negotiating a rent increase.
Tried one of these or have other methods you know have worked?
Let us know in the comment section below.