In 2023, almost 52% of renters renewed their leases, showing that landlords must find ways to boost their lease renewal rates.
Consistent lease renewals help you turn a profit and reduce the risk of a vacant property. But you may not know the best course of action if you're struggling with ideas or are a new landlord.
Sounds like your situation? No worries, you've come to the right place. Here's how to get lease renewals in Council Bluffs, IA.
Start Your Efforts Early
Don't wait until the lease renewal period to sway tenants because it could be too late. Get in the habit of checking in with residents and asking whether they're happy with the property or need anything. Prioritizing tenant communication shows residents that you value and care about them, encouraging them to renew their lease.
Make It Easy to Renew
It may sound obvious, but many landlords overlook simplifying the renewal process. The key is to use an online portal where tenants can renew their lease with a click of a button. In the portal, property managers will include the new lease document that tenants can electronically sign wherever they are.
Gather and Act on Feedback
Happy tenants are more likely to renew their lease, so asking for their feedback is key. If they mention any problems like necessary rental property maintenance, listen and take action to show that you care about their living conditions. As this can be time-consuming, your property manager will help gather and send feedback, letting you focus on the action.
Invest in Property Upgrades
Another way to boost lease renewals is to be strategic with every rental property upgrade. You needn't spend thousands remodeling the kitchen, simply make adjustments to make the tenants' lives easier. This could include upgrading old kitchen appliances or installing new plumbing fixtures.
Offer Incentives
When you offer tenant incentives, residents are more likely to renew their lease. The beauty is that this comes in various forms, depending on your budget. For instance, you could install a smart lock system or offer a month of free rent to encourage tenants to stay.
Consider Allowing Pets
If you currently don't allow pets in your rental, consider changing this in the new lease agreement. This gives you time to check that the tenants are responsible before getting a furry friend, so you get peace of mind. It also stops tenants from looking for new accommodation, as most rental properties don't allow pets.
It's important to note that the new terms should include an additional security deposit, a pet approval process, and monthly pet rent.
Encourage Lease Renewals Today
There are many ways to boost lease renewals, from investing in the right property upgrades to checking in with tenants.
At PMI of the Midlands, we have 20 years of experience helping landlords attract and retain tenants. Thanks to our local expertise, we ensure that you keep your properties in Council Bluffs, IA, well-maintained and filled.
If interested, we'd love to hear from you. Contact us today to chat with a member of our team.
