How many of your rental properties are currently sitting vacant? Tennessee has a 6.7% rental vacancy rate; above the US average. Without the right lease renewal strategies, your vacant properties will continue collecting dust.
Instead, use these tips to boost lease renewals in Oak Grove, KY. With these tips, you can keep amazing renters and boost your occupancy rate.
Instead of worrying about vacancies, you can maximize your earning potential. Put these lease renewal strategies to the test today!
Set Rental Property Rules
Before accepting new tenants, set rental property rules and screen applicants. Enforcing a tenant screening process can help you avoid problematic renters. These tenants could:
- Disrespect you or the neighbors
- Fail to pay rent on time
- Damage the property
- Disrupt others
A thorough screening process will include credit checks, criminal background checks, and references. However, many tenant background checks include inaccurate information. You can outsource this process to save time and money.
A property management company can screen applicants and enforce rental property rules on your behalf. They'll ensure you comply with the Fair Housing Act, allowing you to avoid legal issues.
Screening applicants will help you find renters you want to keep. You'll have peace of mind knowing you can trust them with your rental property.
Offer a Rental Property Upgrade
Consider offering your current renters a rental property upgrade to encourage them to renew their lease. For example, you can offer:
- Upgraded kitchen appliances
- Discount on one month's rent
- A gym in the building
- A doggie daycare
- A gift card to a local store or restaurant
Talk to your renters to determine what they need. They'll appreciate you taking the time to gather their feedback. Use the information you gather to select a rental property upgrade your renters want.
The feedback can help you find ways to offer better renter experiences. Keep the lines of communication open. Ask your tenants to voice their needs and concerns on a regular basis.
Remain patient and open to their ideas. Consider using property management software to streamline these communications. For example, you can use an online portal to gather requests and schedule maintenance projects.
Complete Rental Property Maintenance
Don't delay completing rental property maintenance projects. Keep the property in the best possible shape for yourself and your renters. Otherwise, you may need to pay for more expensive repairs later.
Reconsider Rent
Don't rush to increase everyone's rent. Instead, research similar properties in Oak Grove. Use competitive pricing strategies to encourage renters to stay.
Make it easy for tenants to submit their rent. Use these rent collection strategies to ensure timely and efficient payments.
Boost Lease Renewals in Oak Grove
Losing tenants could cost you valuable time and money. Instead, use these strategies to boost lease renewals in Oak Grove, KY. With these tips, you can keep the amazing renters you already have.
Need help applying these lease renewal strategies? Look no further than PMI Eagles. We have nearly 20 years of experience in the real estate industry helping property owners like you.
You can rely on our state-of-the-art technology and award-winning strategies. Contact us now and discover how to get your renters to renew!
