Only 55% of apartment renters in Phoenix renewed their leases as of the last available data. Moving is expensive and troublesome, but over half of the renters chose to do so. Why is that?
Everyone has their own reason for moving. Some renters may have left the city or bought their own homes, but what about the others? How could a landlord have encouraged lease renewals instead?
Let's talk about it. Read on to learn how to encourage more tenants to renew their leases.
Consider Tenant Satisfaction Surveys
Periodically send tenant satisfaction surveys to gather feedback and identify areas for improvement. Address any issues raised in the surveys to keep your tenants happier. If you have great tenants, you want them to stay happy.
Your surveys may indicate it's time for a rental property upgrade or that some of your rental property rules could use some revision.
Aim for a Hassle-Free Process
Make the lease renewal process as easy and hassle-free as possible. Remember that your tenants have busy lives, and if renewing is complicated, they may forget or run out of time.
Provide clear instructions and any necessary forms well in advance. Send reminders several months before it's time to renew. Consider offering flexible terms to long-term tenants who may not be able to stay for a whole new year, but would like to stay for as long as they can.
A property management company can help you with this, and can even make renewals possible through a tenant portal.
Communicate With Tenants
To make tenants want to stay, it's essential that you communicate with them. Become a landlord they can trust and rely on.
Listen to their concerns and fix any property maintenance issues quickly. Tenants just want a comfortable place to live, and it's your job to provide that for them.
But remember, don't be nosy. Give them space and privacy. It's a good balance between being available when they need help and giving them their own space.
Keep Rents Reasonable
One of the top reasons that tenants choose to leave their homes is because they can't afford the rent. Some rent increases are reasonable, but try to put yourself in your tenants' shoes.
Think about how much you charge your tenants for rent. Make sure it's a fair price for your area. Some landlords raise the rent too much, thinking it will increase their overall income, and that can make tenants leave.
If you have to increase the rent, try to keep it reasonable. You could even give your current tenants smaller rent increases to encourage them to stay. You want your property to be more affordable for them than moving elsewhere.
Get More Lease Renewals With These Tips
Getting lease renewals shouldn't be hard, but so many landlords get it wrong! With proper tenant communication, reasonable rent prices, an easy renewal process, and occasional surveys, you'll be able to get more lease renewals than ever.
Being a landlord in Phoenix, AZ can be tough. PMI Phoenix Metro can help. Our property management experts can assist you with tenant retention, property maintenance, and more.
Get your free rental analysis today and reach out for a consult.