Is your stunning Smyrna rental property sitting vacant? Out of all states, Georgia now has the 15th-highest rental vacancy rate at 7.8%. The rental vacancy rate in the entire US is over 6%.
Don't let long-term vacancies keep you from generating revenue. Instead, boost your occupancy rate by keeping the amazing renters you already have!
Generating more lease renewals can improve your occupancy rate and with it, your ROI. Not sure how to boost renewals? Read on for the key strategies you need to ensure your success!
Track Lease Renewal Periods
Keep track of your tenants' lease renewal periods. Within 90 days of their lease ending, send a message asking if they want to renew. Providing an early notice will give renters the chance to explore their options.
Renters now have more leverage as inventory increases and demand increases. Many renters are now negotiating lower rent prices when it's time to renew their lease.
Instead of increasing lease renewal fees, remain willing to negotiate. Working with your tenants can help you find a compromise that works for all parties.
For example, some tenants may want flexible leasing terms, including:
- Monthly leases
- Six-month leases
- 12-month leases
- Two-year leases
Extending your lease renewal periods can help you retain renters longer. You'll generate more income from renters you already know and trust.
Keep Up With Rental Property Maintenance
Don't let your beautiful Smyrna rental property crumble. Keeping up with rental property maintenance will benefit you and your tenants.
Renters will see you care about their living experience and needs. If you neglect to complete maintenance, they may decide to take legal action.
If you're unable to keep up with maintenance requests, outsource. An experienced rental property management company can schedule maintenance projects on your behalf.
Request Tenant Feedback
Talk to your renters and gather feedback about their living experience. Their comments can help you make informed decisions to improve tenant satisfaction rates. Happy tenants are more likely to renew when their lease renewal periods end.
Offer a Rental Property Upgrade
A rental property upgrade can encourage renters to stay longer. If they decide not to renew their lease, upgrades can help you attract new renters.
Choose upgrades that boost the property value. For example:
- Painting
- Kitchen appliances
- Energy-efficient windows
Update your rental property listing to highlight these new features and amenities. Upgrades will help the property stand out from other Smyrna rentals. You'll have an easier time attracting new tenants if existing renters don't renew.
Otherwise, try offering incentives to encourage renewals. If you offer new tenants a month off rent, offer the same when existing tenants renew. You can also offer gift cards to local stores and restaurants.
Increase Smyrna, GA Lease Renewals
Generating more lease renewals can help increase your occupancy rate. Use these proven strategies to encourage renters to stay. Otherwise, outsource this task to an experienced property management company.
PMI Terminus is here to ensure your success! We have 20 years of experience as the number one property management company (with the awards to prove it). Contact us today to start generating more lease renewals!
