The US rental vacancy rate is 6.6%, compared to 5.8 last year. If you're not generating lease renewals, your South Bend, IN properties may sit empty. You could struggle to compete with other landlords in the area.
Instead, read on to encourage renewals and keep reliable tenants you already trust. Improve your tenant turnover rate today!
Streamline Tenant Communication
Tenants won't want to stay for another leasing cycle if you're difficult to reach. Use an online tenant portal to communicate with tenants. Prioritizing tenant communication will show them you care about their needs.
When responding to tenant inquiries, be prompt and professional. If you're juggling multiple properties, outsource.
An experienced property manager can engage tenants on your behalf. Their prompt responses can improve tenant satisfaction rates. This could encourage tenants to remain for another cycle.
Allow tenants to submit rent payments online. Offer ease and convenience using state-of-the-art technology and automation. Otherwise, they may look for a more tech-savvy landlord.
Send renters a 90-day notice when their lease is about to end. Provide different lease renewal periods.
For example, some renters may prefer a monthly option over a one- or two-year lease. Remaining flexible will ensure you meet the needs of different tenants.
To remain transparent, outline your lease renewal fees. Don't exceed market trends when increasing rental rates. About 25% of tenants are negotiating rates before renewing.
Complete Rental Property Maintenance
Keep up with rental property maintenance. Allow tenants to submit requests online. Use your online portal to track each project's progress.
Property upkeep will show tenants you're investing in their living experiences. If the property is crumbling around them, they'll move out.
Offer Incentives
Talk to your tenants and ask about their needs. Consider offering incentives based on their feedback. For example, tenants may request:
- More parking spaces
- Energy-efficient windows
- Smart home technology
- New kitchen appliances
- Hardwood floors
Research other rental properties in South Bend, IN. Choose upgrades that make the property more attractive to other renters.
Do you give new renters a month off rent? Consider offering the same to tenants who renew. Retaining renters for another leasing cycle will offset the cost.
Hire a Property Manager
If you're struggling to generate renewals, consult an experienced property management company. Their services can improve tenant living experiences.
Allow a property manager to handle inspections, maintenance, and rent collection. They'll leverage efficient strategies to minimize delays.
Choose a company that offers property marketing services. If your current tenants leave, you can start marketing listings right away. A multifaceted strategy will direct more South Bend renters to your available units.
You can fill vacancies, ensuring you don't lose revenue. A property manager can use digital marketing strategies to generate more online visibility.
Simplify Generating Lease Renewals
Encouraging lease renewals alone can feel daunting. Instead, hire a property management company. Leverage their expertise and proven strategies to improve your tenant turnover rate.
Our property managers at PMI Michiana have 20 years of industry experience. We use state-of-the-art technology and award-winning services to support our clients. Contact us to increase renewals and boost your ROI.
