While 6.4% of rental homes in the US are vacant, nearly 8% of rental homes in Georgia are unoccupied. The longer your rental property in Atlanta remains vacant, the more money you'll lose! Learning how to retain renters can help you avoid long-term vacancies.
Start using these lease renewal strategies to retain valuable tenants. With these tips, you can keep generating income.
Improve your tenant retention rate today!
Prioritize Tenant Screening
You don't want to increase lease renewals when you have bad tenants. Before using the rest of these tips, develop a tenant screening strategy. Screening tenants can help you find renters who:
- Pay on time
- Don't disrupt neighbors
- Don't damage the property
- Are respectful
The screening process should include references, credit checks, and background checks. Screening hundreds of tenants can become time-consuming and expensive. Consider outsourcing this process to a property management company.
They'll ensure you comply with the Fair Housing Act. Outsourcing will also save time and money.
Complete Property Maintenance
Keep your renters happy by completing property maintenance requests in a timely manner. Regular maintenance can keep the property in the best possible shape.
You could avoid costly repairs and renovations. Renters will also recognize you care about their living experience.
If you don't complete maintenance requests in a reasonable amount of time, tenants can sue for damage. They can also complete the repairs themselves and subtract the cost from next month's rent.
Offer a Great Rental Experience
Try to foster a positive relationship with tenants. Provide them with multiple ways to reach out. Keep the lines of communication open.
When speaking with tenants, remain flexible, professional, and polite. Let them know you care about their needs. Address their concerns in a timely manner.
Use Incentives
Encourage tenants to renew their lease by offering incentives. For example:
- Upgrade appliances
- Add a gym
- Discount one month's rent
- Send them a gift card
You can offer to clean the unit when they agree to another year. Professional cleaning services can help you ensure the unit is maintained.
Offering incentives will show renters you care about them and want them to stay.
Reconsider the Rental Price
When it's time to renew the tenant's lease, don't jump to raise the rent. Instead, take your time to gather research.
If you raise the rent too high, you'll risk scaring away tenants. If you set rent too low, you'll lose money.
Look at similar rental units in Atlanta, GA to set competitive prices. The average price for a one-bedroom apartment in Atlanta is $1,501 a month.
If you need help, hire a property management company. Their property technology can help you make smarter pricing decisions.
Apply These Lease Renewal Strategies
Learning how to retain tenants can help you generate revenue without stress. Use these lease renewal strategies to get started. Otherwise, consider working with a professional.
PMI Atlanta Metro has over 20 years of experience helping property owners. We can help you generate more profit from your rental.
Contact us to learn more about how our services can increase your rent renewals!
