You have some stiff competition as a rental property owner. Many Airbnb owners are converting to annual rental tenants. This means an influx of rental inventory on the market.
No longer can you assume your tenants will agree to lease renewals. The current rental market demands that you put in some work and effort to convince your tenants to renew. The effort translates to long-term benefits and profitability for your real estate investment.
Communicate With Your Tenant
Tenant communication is crucial for a positive tenant/landlord relationship. Start talking to your tenant early about renewing. This will give you time to understand their needs and intentions.
If they don't want to renew, you can find out why and have time to change their mind. If you know you can't change their mind, you can start looking for a new tenant sooner.
Offer Incentives
Don't feel obligated to offer all of your tenants incentives to renew. If you do the previous step of communicating, you will know which tenants will respond most favorably to incentives.
You could offer a rental payment grace period, like extra time to pay their monthly rent. Or you could offer a free month or discounted rent for a few months.
Address Tenant Feedback
As a good landlord, you should regularly ask tenants for their feedback. Then, respond to the comments promptly.
For example, your tenant may bring up rental property maintenance issues. Ignoring those issues can lead to tenant frustration. In contrast, tenants who see a landlord who addresses feedback appreciate the action.
Tenants who recognize an attentive landlord are more likely to renew.
Make Property Improvements
Time your rental property upgrade to be before the renewal time. The tenant will have the improvements fresh in their mind when deciding whether or not to stay. Working with a property manager can help you protect your investment with regular improvements.
Make Renewal Easy
One of the most significant benefits of working with a property manager is the technology. Utilize the property manager's online portal system to make lease renewals easy. The tenant can log in whenever they want to review the new lease and sign it.
Add Property Amenities
Consider adding property amenities or adjusting the rental property rules for the renewed lease. You could allow your tenant to get a pet if you previously did not allow pets.
For added amenities, you could include these benefits in the monthly rent. You don't have to provide all of these, but adding one or two can convince your tenant to renew.
- High-speed internet
- Cable
- Landscaping and lawn maintenance
- Parking
- Gym membership
With rental rates dropping in South Florida, adding amenities creates more value. This justifies your tenant renewing at your higher rental rate by getting more for their money.
Increase Your Lease Renewals
You can increase your lease renewals by talking to your tenants early. Then, you have time to offer incentives, make property improvements, add amenities, and address tenant feedback. Close the deal by sending them an online lease renewal, making the process fast and easy.
Convince your tenants to renew their lease with the help of our skilled property management team.
