The average American moves about 11.7 times in their lifetime. Today, half as many people move each year as they did in the 1950s. However, most tenants don't want the hassle of moving.
Encouraging lease renewals can improve your occupancy rate. You can avoid wasting money on vacancies, tenant screening, and marketing.
Not sure how to get Lake Havasu City tenants to renew their leases? Read on for effective tips!
Improve Tenant Communication
Your current tenants won't want to stay if they don't like having you as their landlord. Show tenants that you care about their living experiences. Start by streamlining tenant communication.
If you're difficult to reach, tenants will grow frustrated. They'll look for a more attentive landlord.
Instead of answering calls and emails, consolidate communications. Use an online tenant portal. From there, tenants can submit:
- Inquiries
- Maintenance requests
- Rent payments
Consolidating communications can help you avoid missing messages. Remaining attentive will improve tenant satisfaction rates. Keeping your renters happy may encourage more lease renewals.
If you're struggling to keep up with messages, use automation. You can also have a property manager respond to messages on your behalf. Their swift responses will show tenants their needs matter.
Offer Tenant Incentives
Encourage more lease renewals by offering tenant incentives. Ask about their needs to select the incentives they want.
For example, perhaps you offer new renters a month off rent. Offer the same to tenants who renew their leases. You can also offer gift cards to local shops or restaurants.
Complete Rental Property Maintenance
Failing to complete rental property maintenance can frustrate your tenants. They may decide to take legal action if the property isn't habitable. Some may withhold rent or complete the repairs themselves.
Before that happens, schedule routine inspections. Inspections will allow you to catch problems before they get worse. You can maintain the property and improve tenant living experiences.
Consider a Rental Property Upgrade
Offer tenants a unique living experience by upgrading the property. These upgrades can boost the property value:
- New floors
- Backsplash
- Energy efficient windows
- Smart home technology
- Hardwood floors
- New kitchen cabinets and counters
- New kitchen appliances
- More parking spaces
- More communal spaces
If tenants decide to move out, these upgrades can help you attract new tenants. Make sure to adjust the rental rate accordingly.
Offer Flexible Lease Terms
Remain willing to negotiate with your tenants. Some may seek flexible leasing terms, like a monthly option. Offering flexible terms can help you appeal to a wider range of tenants.
Some tenants may ask for lower rental rates. Complete a rental analysis before adjusting your prices. Otherwise, tenants will look for cheaper options elsewhere.
Get More Lease Renewals in Lake Havasu City
Generating more lease renewals will help your occupancy rate rise. In time, you can reach your full earning potential. Use these strategies to increase renewals in Lake Havasu City!
You don't have to apply these strategies alone. Trust our team at Arizona Living Rentals & Property Management.
We have 21 years of experience helping over 160 happy clients. Our average tenancy is 36 months.
Trust our experience, proven processes, and enhanced technology. Contact us today to start generating renewals!
