Did you know one in four renters are successfully negotiating lower rental rates when it's time to renew their leases? Remaining willing to negotiate can help you retain renters you know and trust. Without lease renewals, your vacancy rate (and with it, monthly expenses) will rise.
Not sure how to encourage tenant retention to increase your occupancy rate? Read on for the tips you need to impress your renters today!
Research Rental Real Estate Trends
Before applying the rest of these tips, conduct market research. Understand current rental trends in Knoxville to remain competitive. What are tenants looking for in local rental properties?
Consider making upgrades to your rental properties to make them relevant and more attractive. For example:
- Open floor plans
- Updated kitchen appliances
- Energy-efficient windows
Identify selling points that make your real estate listings unique. Show tenants you're meeting local demands with competitive offerings.
If your renters decide not to renew, use these updates to your advantage. Tailor your marketing strategy to highlight these updates. You'll have an easier time attracting new tenants.
Build Strong Relationships
Start fostering strong tenant-landlord relationships the moment renters move in. Otherwise, they may think you don't care about their needs.
Prioritize property maintenance. Neglecting to fulfill requests could leave you with frustrated renters who want to move out. Instead, take care of your rentals and your tenants.
For more effective lease management, provide renters with access to an online portal. They can submit rental payments and maintenance requests online. Streamlining communication with a portal can make it easier for you to help tenants.
Get to know your tenants. When their lease is about to end, provide a 90-day notice. Customize your offerings based on what you've learned about your tenants.
Personalizing your offerings will show them you understand their preferences or unique circumstances. They'll recognize you care about their needs.
Don't forget to remain flexible! Some renters may want a monthly, one-year, or two-year leasing term. Offering flexible options will help you meet each tenant's needs.
Provide Incentives
Offering incentives can encourage tenants to renew their lease. For example:
- Property upgrades
- Free Wi-Fi
- Flexible lease terms
- Additional amenities
- Gift cards
- Cash gifts
- Rent discounts
Don't forget to tailor these incentives to meet the needs of each tenant. These offerings will motivate more renters to renew.
Hire a Property Manager
If you're struggling to encourage renewals, hire a property management company. An experienced property manager will use proven strategies to improve your tenant retention rate.
They can keep up with tenant inquiries and maintenance requests. Their prompt services can increase tenant satisfaction rates. Happy tenants are more likely to renew, increasing your occupancy rate.
Impress Tenants for Lease Renewals
Learning how to impress your tenants can lead to more lease renewals and stronger tenant retention. Retaining renters will increase your earning potential. Use these tips to encourage your best tenants to stay today.
Remember, you don't have to apply these strategies alone. Instead, consider partnering with a property management company.
PMI Knoxville uses state-of-the-art technology and award-winning strategies. We can maximize your profitability! Contact us today to improve your tenant retention rate.
