When considering the hassle of posting ads for vacant rental units, cleaning up vacated units, and screening applicants, you'll want tenants to stick around.
You only get passive monthly income for occupied units, so your best bet is to find good tenants, treat them well, and hope they renew their leases.
How should you boost the odds of tenants continuing to rent from you?
Keep reading to find out how you can increase tenant lease renewals.
Provide Great Customer Service
One way to get a tenant to renew a lease is to commit to providing the best customer service possible. Don't wait until a lease ends before you roll out the red carpet and pull out all the stops.
Your tenants want to know they're valued. That means you should respond to their needs and commit to resolving complaints.
If you want to provide great customer service but want to avoid being on call 24/7, hire a property management firm to handle customer relations for you. Your customers will get prompt and professional service when they need it.
Tenant management can make or break your success as an investment property owner. So, get help to ensure your tenants are well cared for.
You need to ensure your rental property isn't outdated. Tenants want value for their money, so you need to periodically update your rental units. What features and amenities are landlords in the area offering tenants?
You want to be competitive and offer value for the rent your charge your tenants.
Hiring a property manager will help in this regard. You can ask for tips on renovations that can make your investment property more attractive.
If you have a quality tenant whose lease is about to expire, one way you can encourage them to renew is by freezing their rent.
It's customary to hike rent a little bit every year. But you could make an exception for a stellar tenant who pays rent every month, takes good care of the property, treats other tenants with respect, and is easy to get along with.
Offering a break in rent might actually be cheaper than seeing a good tenant leave and then having to spend time and resources to find a replacement.
Maintain the Property
In addition to updating the rental units, you also need to maintain the property. Again, it's about adding value that appeals to quality tenants. Invest in landscaping and ensure that the property is properly cared for.
Hiring a property management firm for your rental property will make maintenance and repairs easier. The service provider can spearhead projects, find great rates for labor and materials, and keep your property in great shape.
Need Help With Lease Renewals?
Finding good tenants is one thing -- but holding onto them is another thing.
One way to simplify maintaining your rental property, taking care of tenants, and increasing lease renewals is by getting some help.
PMI Property Management has what you need to find and retain tenants. We're a full-service property management firm that works with first-time and experienced investment property owners.
We serve the Puerto Rico area, including San Juan, Isla Verde, Manati, Ponce, and Guaynabo. Get in touch to see how we can help.