How to Get Tenants to Renew Leases in Richmond, VA
The median rent price in Richmond, VA is anywhere between $1,305 and $1,815, all of which is much higher than a year ago. People are getting fed up, and they're not happy with local landlords.
Therefore, it's in your best interest to keep your tenants right where they are. After all, lease renewals are significantly more cost-effective than repeatedly searching for new renters.
Not sure how to keep your current tenants satisfied? Then read on to see some strategies that'll help increase lease renewals for your property.
Price Your Property Competitively
As we've just mentioned, people are getting fed up with greedy landlords. They've done their research, and they can tell if you have (or haven't).
Research further into local market trends to ensure your rental rates are competitive. Plus, offer fair lease renewal terms, considering current economic conditions and comparable properties in the area.
If you previously had lease renewal fees, consider getting rid of them. No fees for a renewal versus application fees for new places may sway tenants to stay.
Have Regular Rental Property Maintenance
The property should be well-maintained, especially the common areas. These should be clean and inviting so that you not only keep current renters comfortable, but also attract new ones.
Performing regular inspections for potential problems will help, too. If you find anything wrong, address them proactively. In addition, invest in improvements that enhance the overall living experience.
Loosen Your Rental Property Rules
It's understandable that you want to protect your investment, but your units will be your renters' homes away from home. If they feel like they're living under unreasonably strict rules, they'll want to go elsewhere where they can completely relax.
Consider allowing your tenants to keep pets in your property, as this can enhance their well-being. You can also offer flexible lease terms to accommodate your renters' changing needs.
Make Use of Technology
Paying rent is one of the most dreaded chores, especially when tenants have to physically take a check to the rental office. Long gone are those days, but you'd be surprised at how inconvenient it is to take care of administrative work like this.
Make things easier for everyone involved by making good use of technology. Implement online rent payment options and a user-friendly portal for lease-related tasks. This will streamline communication and document sharing, which will take the hassle out of everything.
Get More Lease Renewals With Our Tips
Lease renewals are a vital part of being a successful landlord, so don't neglect this part of business. Reducing your tenant turnover rate will increase your income, so it's worth rethinking how you treat your renters and maintain your property.
Should you feel like there aren't enough hours in the day to handle everything, then work with a property management company. They'll be able to assign qualified managers to take care of all the mundane tasks for you.
Get in touch with PMI Richmond for help with lease renewals. We'll also assist with other property management services backed by our 20 years of experience.