Every year, tenants renew their lease with their teeth on edge. They expect another rent increase, a tough pill to swallow when the average rent is $1,487 for a one-bedroom.
Increasing rent isn't the only reason a lease agreement renewal could get bumpy. Tenants may have other complaints about their landlord, reasons that push them to go somewhere else for renting. Which lease renewal strategies should you employ to keep those excellent tenants for another year?
It all has to do with tenant satisfaction. Today, we'll take a look at tenant retention tips you should know.
Upgrade to an Online Portal
One notable change that will make your tenants very happy is to make things more convenient. Some studies suggest that up to 70% of customers are willing to shell out more money for convenience. Being that the case, one of the best ways to improve convenience is with an online portal.
The Online Portal Does Everything
Your online portal is a place for tenants to pay rent online with minimal headache, sure. But it doubles as a way to submit maintenance requests and review the lease. They have more benefits, too, like making your overall property management techniques more efficient.
Improve Tenant Amenities
If rent is going to increase, the experience should improve as well, right? At least, that's how tenants are thinking about it.
So imagine if rent increases and everything stays exactly the same. Or, it gets worse. It's reasonable to assume somebody in that situation won't stick around.
Make Free or Improved Amenities
The easiest thing you can do is make some amenities free. For example, free parking, free Wi-Fi, or free utilities like cable.
Otherwise, improve the amenities you already have an offer. For example, you might discount the local HOA gym membership.
Consider Changing Policies
Some of your policies may be too strict, let's not beat around the bush. For example, your pet policy. Most landlords ban pets outright, accepting only service dogs and ESAs.
Pet-Friendly Policies Are a Win-Win
It's easy to assume that being pet-friendly is just going to destroy your apartment. That's rarely if ever the case. Most pet owners take very good care of the place, and they will appreciate an apartment that tolerates them.
Ask Your Tenants
Perhaps the best tip of all is just to ask your tenants what they would improve. Who knows, they could be holding back some invaluable feedback thinking you'll react negatively. Implementing the things they ask for shows your goodwill, and will likely secure a renewal.
Find More Lease Renewal Strategies
Lease renewal strategies are a must if you want to keep golden tenants on for another year. Consider using an online portal and improving or adding new amenities. You might make some alterations to your policies, or just ask your tenants flat-out what they want.
PMI Beverly Hills offers full property management that can resolve your retention issues. Our expert realtors know how to get those golden tenants to stay on for repeat lease renewals. And if you want to see how much your rental can earn, use our free rental analysis here.
