National rental vacancy rates are continuing to rise, making it all the more important for landlords to retain tenants. Getting tenants to renew their leases can boost your occupancy rate and save you money. Otherwise, you could waste resources marketing vacant units and screening applicants.
Struggling to get Denver tenants to renew their leases? Read on for the tips you need to boost lease renewals today!
Evaluate the Leasing Cycle
Start nurturing renters from the very beginning of their leasing cycle. Provide renters with multiple ways to contact you. You can streamline future communications using an online tenant portal.
Remaining available will show renters that you care about their needs and living experiences. If they struggle to contact you, they could get annoyed. When it's time to renew their lease, they may decide to find a different landlord.
Consider your current renters. How many of them pay on time, request maintenance, and care about your investment property?
You can find more reliable renters by developing a tenant screening process. Review each applicant's background check, verify their employment, and run a credit check.
Avoid renters who have a bad rental history (as you're likely to experience the same problems). About 15% of households in the US (six million) are already behind on rent.
Offer a Rental Property Upgrade
Talk to your renters and ask about their current needs. What can you provide to offer them a better living experience? Gathering their feedback will ensure you make informed improvements to the property.
Choose a rental property upgrade that will boost the property value. For example:
- Fresh paint
- New appliances
- Smarthome technology
If your current tenants decide not to renew their lease, these upgrades will help your property stand out online. You'll have an easier time attracting future renters.
Other tenants may request a rental payment grace period. Instead of having them pay on the first of each month, allow them to pay before the fifth.
Prioritize Rental Property Maintenance
Neglecting rental property maintenance can lead to legal issues and more costly repairs later. Use your tenant portal to streamline maintenance requests. Have a list of reliable local contractors ready to prepare for emergencies.
If you're struggling to keep up with maintenance requests, hire a property management company. Their services will simplify processes and help you avoid landlord stress.
Consider Tenant Incentives
Do you offer new tenants their first month of rent free? Consider offering the same to tenants who want to renew their lease. You can offer other tenant incentives like gift cards to local restaurants or cash gifts.
Boost Lease Renewals in Denver, CO
Generating more lease renewals will help you thrive as a Denver property owner. Use these strategies to encourage great tenants to stay. Otherwise, consider partnering with an experienced property management company.
Our team at PMI Denver West has over 20 years of property management experience. We use state-of-the-art technology and award-winning strategies to help clients maximize their earning potential.
You can rely on our experience and expertise. Contact us today to generate more renewals!
