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Tips for Increasing Your Lease Renewals from Tenants

System - Tuesday, November 23, 2021
Property Management Blog

Are you looking for ways to increase lease renewals from your tenants? If you can find good tenants who renew their contracts year after year, you'll save a lot of work in the long run.

And the best part? Any tenant can become a renewable tenant if you provide the right incentives! To do this, you will want to outperform other rental properties in your area. 

Here are some helpful tips for getting your tenants to renew time and time again.

1. Keep Your Amenities Reasonable

One of the quickest ways to make tenants move is to raise the cost of amenities. So if you're looking to increase rent renewals, avoid this at all costs. Don't overcharge for trash and water, don't raise the pool and fitness center fees, and don't increase your parking fees.

And if you're interested in adding incentives, why not throw in a discount or two? This would work particularly well if you happen to be in a high-rent area. For most renters, who have to contend with increasingly high rent rates, every little bit of savings matters.

2. Offer Some Great Discounts

Nothing is better than a month of free rent- so to reward your current tenants for renewing their leases, why not offer a month of free rent? You could also offer free laundry service, discounted parking, or free utilities for 3 months.

Being able to save on these kinds of necessities will give your renters a reason to stay. So how do you get these renewals to happen? The secret is to be creative and think in terms of what your renters will value most.

3. Partner With Area Businesses

Another strategy that works is to partner with local retailers and offer free food or other perks. To make this work, you'll need to handle the negotiations as a property manager so your tenants get to experience awesome local attractions with their families.

Renters always appreciate things like gas discounts, grocery coupons, concert tickets, or free amusement park tickets during the summer. And don't just run the promo once or twice. Keep it up! If you make your tenants' stay worthwhile, you'll encourage them to stick around for another year or two. 

4. Provide Top-notch Customer Service

Above all, be caring- no one wants to do business with people who don't care about them. How would you rate your customer service? Be attentive to maintenance issues, always welcome them to the office when they pay their rents. All the little things do add up, so pay attention to detail with your people skills.

5. Offer Free Upgrades

Nobody wants to live in a run-down, crummy, dated apartment. If you offer free upgrades, your tenants will know that you take pride in your property- and they will, too. 

Increasing Your Lease Renewals Is Totally Doable

So as long as you use enough of the right types of incentives, increasing your lease renewals shouldn't be too difficult. Above all, most renters want to feel welcome where they live. By providing enough comforts and perks to make their stay worthwhile, you'll be able to make your property one of the most desirable in your area. 

To find out more about property management and how to attract and keep the best tenants, get in touch. We've been in business for a long time, and have seen it all. We can recommend solutions for your rental properties, from tenant screening to increasing your renewals, and more. 

We'd love to learn more about your management goals and how we might be able to assist you. We can help whether you need to manage a single-family home or multi-unit apartment complex. Contact us today!