How long have your favorite renters (the ones who never cause problems and always pay rent on time) stayed in their units? Newer tenants usually have a fixed, 12-month lease term. As tenants stay longer, leases usually shift to a monthly basis.
Learning how to generate lease renewals in Nashville, TN can help you maximize your earning potential. Otherwise, your vacancy rate could rise. Read on to generate more renewals today!
Choose Great Tenants
Before applying these lease renewal strategies, develop a tenant screening process. Select tenants you'll want to retain beyond a 12-month term. Tenant screening reports should include:
- Background checks
- Credit scores
- Employment verification
- Eviction histories
Detailed reports will help you choose reliable tenants. You won't have to worry about late rent payments or evictions. Retaining these tenants can help you avoid future landlord stress.
Make sure your new tenants understand your rental property rules. Outlining your rules can help you avoid stressful situations later.
Prioritize Tenant Communication
Develop strong tenant-landlord relations the moment you gain new tenants. Provide them with more than one way to reach you. Otherwise, use a tenant portal to avoid delayed responses.
Prioritizing tenant communication will show renters that you care about their needs. If you don't respond, they could grow annoyed. They won't see you as a reliable, helpful landlord.
Instead, engage your tenants throughout the year. Consider hosting tenant events or sending birthday cards. A few small gestures will show tenants you care about them.
Consider a Rental Period Grace Period
Instead of requesting rent at the first of the moment, offer tenants a rental period grace period. Allow them to pay on the fourth or fifth instead.
Allowing this grace period will show renters that you're cooperative. They'll appreciate your patience. Meanwhile, you can worry less about late payments.
Offer a Rental Property Upgrade
Show tenants that you care about their living experience by offering a rental property upgrade. Choose upgrades that improve the property's value. Consider what renters expect to find from local listings, including:
- New floors
- Open floor plans
- Energy efficient windows
- New kitchen appliances
- New light fixtures
- A fresh coat of paint
- Backsplash
If you can't retain your existing tenants, use these upgrades to your advantage. Listing amenities online will attract future tenants.
Otherwise, try incentivizing a lease renewal. You can offer renters a free month of rent, rent credit, or a discount. Consider sending them a gift card to a local store after they've finalized their new lease agreement.
Don't forget to show tenants you care about their living experiences. Keep up with rental property maintenance. They're more likely to stay in a beautiful, well-maintained property.
Encourage Lease Renewals in Nashville
Generating more lease renewals will improve your occupancy rate and return on investment. Use these tips to keep the amazing tenants you already have. Otherwise, outsource this process to an experienced property management company.
Green Tree Property Management is the premier property management company in Tennessee. We'll take care of everything for you, including lease management.
We can transform your property into a source of rental income through our innovative approach! Contact us today to generate more renewals in Nashville.
