About one in four renters are successfully negotiating lower prices. Chances are your Cincinnati, OH tenants want to stay. If you don't present them the option, however, you could lose the chance to generate renewals.
Losing renters can lead to a higher vacancy rate and lower earnings. Before that happens, read on for the lease renewal tips you need to ensure your success!
1. Communicate
Show your Cincinnati tenants that you care about their living experiences. From the moment they move in, remain available. Provide them with more than one way to reach you and respond promptly.
Use an online tenant portal to avoid missing messages. Renters can send requests, review lease documents, and submit rent straight from their phones. Providing tenants with easy access to their lease documents ensures transparency.
When communicating with renters, remain professional and polite. Try to provide immediate solutions to their needs.
Begin the lease renewal process 60 to 90 days before a tenant's lease lapses. Your message should mention:
- Changes to the lease agreement
- New rules
- The new rental rate
- The lease terms
Try to remain flexible to encourage more lease renewals. For example, you can offer a monthly lease term. This can help you appeal to a broader range of renters who have unique needs.
2. Improve the Property
Tenants won't want to stay for another lease term if the rental property is falling apart. Keep up with maintenance requests and schedule annual inspections. Encourage more renewals by offering property upgrades.
Cost-effective upgrades that can boost the property's value include:
- Fresh paint
- Smart home technology
- Improved curb appeal
- Security upgrades
- Appliance upgrades
Gather feedback from your tenants to determine what upgrades they want or need. Their suggestions will make the property more desirable to future renters. Meeting each tenant's needs can increase renewals.
3. Offer Incentives
Incentivizing lease renewals could get tenants to reconsider moving. These perks can include:
- Rent reductions
- Gift cards to local restaurants
- Free services (like carpet cleaning)
Try to tailor these incentives based on the feedback you receive from tenants. Meeting their needs will improve their satisfaction rates.
4. Streamline the Process
Use technology to ensure successful lease transitions. For example, you can use an online portal to let tenants renew online. You won't need to receive document signatures in person.
If the process takes too long, tenants may decide to move out.
5. Hire a Property Manager
Instead of handling this process alone, hire a property manager. Their professional property management advice can improve tenant living experiences. Keeping your tenants happy could encourage them to stay.
Increase Lease Renewals in Cincinnati
Generating lease renewals in Cincinnati is easier than you might think. Use these effective lease renewal tips to retain renters. Improving your occupancy rate will ensure you meet your full earning potential.
PMI Gatekeeper Realty Services is a full-service real estate asset management company. We utilize state-of-the-art technology to support property owners and tenants. Trust our award-winning services and 20 years of experience to thrive in today's market.
We can maximize your earning potential by boosting renewals. Contact us for a free rental analysis!
