Is every single one of your Neenah, WI rental properties full? If not, you're losing sources of revenue! The rental vacancy rate in the US is already 6.4% and climbing.
Learning how to increase lease renewals will help your occupancy rate rise. You can maximize your earning potential and thrive in today's market.
Not sure how to convince renters to stay? Read on for the tips you need to boost renewals today!
Develop a Tenant Screening Process
Before attracting new renters, establish a tenant screening process. Screening applicants will help you find renters you want to keep long-term. Otherwise, you may choose troublesome renters you end up evicting.
About nine in 10 landlords already have a tenant screening process in place. A detailed report should include:
- References
- Employment verification
- Eviction histories
- Criminal background checks
- Rental histories
Completing this process could take days (or weeks if you have multiple applicants). Consider outsourcing to save time and gather accurate data. Choose reliable renters you'll want to keep beyond one leasing cycle.
Prioritize Tenant Communication
Communicating with tenants is a key component of an effective retention program. When renters first move in, establish your rental property rules. Try to retain tenants who follow your rules to avoid future landlord stress.
Use an online tenant portal to streamline communications. Communicating will show tenants that you care about their needs.
Give renters a 90-day notice when their lease is about to end. Outline their lease renewal options.
About one in four renters are successfully negotiating lower prices. Your renters likely want to stay. If there's a major rent increase, however, they'll look for cheaper options.
Instead of increasing the rent, find ways to compromise. For example, you can get renters to agree to stay for a two-year term. Instead of increasing the rate now, increase it at the start of the second year.
Offer a Rental Property Upgrade
Offer a rental property upgrade to incentivize renters to renew. For example:
- New floors
- Fresh coats of paint
- New kitchen appliances
Choose upgrades that enhance the property's value. If renters don't renew, these upgrades can make the property attractive to new tenants.
Complete Rental Property Maintenance
Show tenants that you care about their living experiences by investing in rental property maintenance. If the property crumbles around them, they won't want to stay for another leasing term.
Complete routine inspections if renters decide to stay. Inspections can help you catch signs of tenant negligence before problems worsen.
Invest in Digital Marketing
Avoid vacancies by developing a digital marketing strategy. Marketing listings online will expand your reach in Neenah.
Use social media marketing to engage Neenah renters. Ask your current tenants to share their reviews online. Glowing reviews can attract curious tenants to the property.
Hire a Property Management Company
Instead of using these tips alone, outsource. Work with a property management company that has a high lease renewal rate. Their proven strategies will improve your occupancy rate and ROI.
Encourage Lease Renewals in Neenah, WI
Generating more lease renewals will maximize your earning potential. Use these effective strategies to encourage renters to stay. Otherwise, outsource.
Our team at PMI Fox Valley has 20 years of real estate management experience. Leverage our expertise, state-of-the-art technology, and proven strategies. Contact us today to generate more renewals!
