Data shows that it costs nearly $4,000 to replace a tenant when they move out. This average cost can increase the longer your rental property stays vacant.
Keeping the same tenants saves you money and time as a Raleigh, NC, landlord. With so much rental competition out there, it's important to have a strategy to gain more lease renewals.
Keep reading to learn how to keep tenants happy enough to renew.
Start Retention Efforts Ahead of Time
You shouldn't wait until a tenant's lease is almost up to start retention efforts. Moving is a decision a resident has probably thought out ahead of time. Efforts you make one or two months before a lease expires might be too late.
You can start retention efforts as soon as a tenant moves in. This doesn't mean offering lease renewals immediately. Instead, you'll work to keep the resident happy throughout their lease term so that they are more likely to renew.
Ongoing communication is one of the most underrated lease renewal strategies. Don't wait until the end of the lease term to make tenants feel at home and looked after.
Make Paying Rent Easy
Paying rent is not something renters want to do, but it's something they know they have to do. While you can't help residents pay their rent, you can make the process easy on them.
Tenants who can pay rent online through a tenant portal have more options. They can pay via credit card, debit card, or through a common payment channel.
In addition to modernizing your rent collection system, consider offering a rental payment grace period.
Gather Tenant Feedback
Open channels for tenant communication can help Raleigh, NC, landlords gather tenant feedback. It's not enough to ask residents about their experiences, you need to act on their concerns if you want more lease renewals.
Start surveying residents once they've lived on the property for a while. There might be specific improvements that would make them more likely to renew in the future.
A simple rental property upgrade is an affordable way to keep tenants happy, especially if they ask for an upgrade. Consider hiring a full-service property management company that can gather and act on this feedback for you.
Incentivize Lease Renewals
To advertise your property when you have a vacancy, you might offer a free month or waived fees. Although these advertising strategies help find new tenants, consider incentivizing your lease renewals as well.
If your residents are looking for a cheaper place to live, they might take an incentive offer from your competitor instead of renewing a lease with you.
To avoid this problem, make sure you are offering incentives to new and current residents.
Retain Renters for Longer in Raleigh, NC
Filling a vacancy can take forever and cost Raleigh, NC, landlords a lot of money. To maximize your rental property income, try to gain more lease renewals with these helpful tips.
At PMI Capital City RTP, we've been helping property owners like you keep tenants happy. For over 20 years, we've cemented our place in the local area as one of the premium rental property management companies.
We offer prompt, professional, and friendly services to owners and tenants. Let us help you grow in your investment. Contact us today to learn more about our property management packages.
