What if you could sit back, relax, and not have to worry about rental vacancies stealing money out of your pocket? With a strategy in place, you can boost lease renewals to avoid vacancies. Instead, you can continue generating revenue without worry or tedious marketing.
Here are a few strategies you can use to boost lease renewals. Use these tips to show your tenants you want them to stay.
Stop worrying about vacancies today!
Improve Tenant Communication
Show your tenants that you care about their experience living in your rental property. Try to remain responsive when they reach out. The longer they wait to hear from you, the more frustrated they'll become.
When renters move in, lay out your rental property rules to avoid miscommunication. Give tenants more than one way to contact you. For example, you can use an online tenant portal to organize and streamline communications.
Improving tenant communication will help you respond to issues before they can escalate.
If you're struggling to respond to inquiries alone, hire a property management company. They can handle all requests and concerns on your behalf.
Complete Rental Property Maintenance
California tenants are legally entitled to a rental that meets basic health, safety, and structural standards. If the landlord doesn't complete important maintenance, the tenants may have a legal right to:
- Withhold rent
- Repair and deduct
- Call state or local building health inspectors
- Sue the landlord
- Move out without notice
When tenants submit a rental property maintenance request, respond right away. Completing ongoing maintenance will keep the property in the best possible shape. You can please tenants and avoid legal issues.
Go beyond by offering services your tenants haven't asked for. For example, you can schedule grounds maintenance and pest treatments. The best property manager can help.
Offer a Rental Property Upgrade
A rental property upgrade could encourage your current tenants to stay longer.
Look at other properties in the area and determine what they're offering that your unit doesn't. For example, you can upgrade kitchen appliances, flooring, or windows. Each upgrade can improve the tenant's quality of life in your unit.
You can also offer incentives to increase lease renewals. Consider offering gift cards to local restaurants or shops in the area.
Stay Flexible
The rental vacancy rate in the US is now over 6%. To reduce your vacancy rate, you need to remain flexible and listen to tenants.
Give your tenants time to consider whether they want to move out or renew their lease. Use competitive pricing instead of making huge rent increases. If you're too aggressive, you'll scare away your tenants.
Instead, try to remain flexible with the pricing. Listen to the tenant's concerns and interests. You could find a compromise that works for everyone.
Boost Lease Renewals Today
Increasing lease renewals for your Contra Costa, CA property doesn't have to feel complicated. Instead, use these tips to start encouraging renewals. If you need help, consider working with a property management company.
PMI East Bay is a full-service real estate asset management company. We have over 20 years of experience helping landlords like you.
Contact us today to discover how we can boost your lease renewals.
