Lease Renewal: 4 Ways to Encourage Your Tenants to Stay

Lease Renewal: 4 Ways to Encourage Your Tenants to Stay

It's no secret that retaining tenants can be challenging. When you lose tenants, you have to dedicate a considerable amount of money to attract the attention of potential tenants to fill your property vacancies.

The lease renewal period is approaching, and if you want to keep your vacancies at a minimum, there are some thongs you can do to get your tenants to stick around for a bit longer.

Read on now and find ways to increase the chances of getting current tenants to renew the lease they signed with your property.

1. Complete Maintenance Tacks Promptly

No one wants to live in a place that's falling apart or has things broken for a prolonged period. Your property should have a system that allows tenants to submit maintenance requests.

Once these requests have been submitted, ensure your staff addresses them quickly. People want to be comfortable in their homes, and that's hard to do if things aren't working or pose a risk to the tenant and their families.

Addressing maintenance requests promptly also reduces the amount of money you'd spend if you waited until you had to turn the unit to complete the repairs.

2. Foster a Solid Landlord-Tenant Relationship

As mentioned before, people want to live somewhere they feel comfortable. As the landlord, you should strive to have a positive relationship with all your tenants.

This means being professional and courteous at all times. Showing respect to others can go a long way, and it can help make it easier for tenants to decide to renew a lease when the time comes.

3. Offer Renewals Ahead of Time

Don't wait until the last minute to offer lease renewals to tenants. The earlier you're able to offer it, the better.

When you prompt the tenant to start thinking about renewing a lease, it helps them plan for the future. Another reason to offer the renewal ahead of time is if the tenant decides to move out.

If this is the course of action they take, you can get a start on advertising to get someone else into the unit as soon as possible.

4. Don't Go Overboard

Every property has its own set of rules that all tenants must abide by. It's essential that you enforce these rules without going overboard.

When tenants you want to retain start breaking the rules, you should first have a conversation with them and remain professional even if they don't.

Sometimes a conversation is all it takes to help people become more aware of their surroundings and neighbors.

Tips to Get Tenants to Sign a Lease Renewal

Lease renewal season will have even the most skilled property managers biting their nails, but it doesn't have to. Don't be overbearing when enforcing the rules, and offer a lease renewal in advance if you want tenants to renew their leases.

Harrisburg Property Management offers tenants services to owners and investors. All you've got to do is contact us for more help.

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