Nearly 63% of renters choose to renew their leases. How many of your tenants remained for another leasing cycle last year? If you're not generating lease renewals, your vacancy rate will rise.
A high vacancy rate can quickly drain money from your accounts. Instead of letting that happen, read on! Discover how to generate renewals in Virginia Beach, VA today.
Invest in Tenant Screenings
You won't want your current renters to renew their leases if they cause you excessive landlord stress. Before using these leasing strategies, develop a tenant screening process. You can outsource by hiring a property management company.
Not all reports contain accurate information. Between 2019 and 2022, the Consumer Financial Protection Bureau received 26,700 complaints. About 65% mentioned inaccurate data in tenant screening reports.
A comprehensive report will help you find renters who pay on time and respect your property. You'll want to retain these renters long-term.
When renters move in, provide them with a copy of your rental property rules. This will reduce stressful situations and miscommunication.
Streamline Tenant Communication
Nurture strong tenant-landlord relations the moment new renters move in. Use an online tenant portal to consolidate communications. Tenants will have peace of mind knowing they can contact you.
Respond to tenant inquiries as soon as possible. If there's a delay, tenants may get frustrated. These renters won't want to renew their leases later.
Instead, show renters you care about their needs and living experiences. Remain patient and cooperative. Try to find a solution to their problems.
Complete Rental Property Maintenance
Use your online tenant portal to accept rental property maintenance requests. Build an emergency fund now to prepare for these expenses. Don't delay completing maintenance projects.
The longer you wait, the more annoyed your renters will become. They may take legal action or move out. They'll look for a landlord who cares about their living experience instead.
Offer a Rental Property Upgrade
Encourage renters to remain for another year by offering a rental property upgrade. For example:
- Energy efficient windows
- New kitchen appliances
- New floors
- Fresh coats of pain
- Smarthome technology
Talk to your renters! Ask what's missing from your rentals. They can help you make informed upgrades.
Upgrading the property will make it a more desirable place to live. Your property will stand out from others in Virginia Beach. Renters will want to stay, knowing the unique value you offer.
Remain Flexible
When it's time for renters to consider renewing their leases, remain flexible. Some may want a monthly or two-year leasing option. Others may want to discuss the rental rate.
Remaining flexible will help you find a compromise. Try to meet the tenant's needs. For example, they may request a rental payment grace period.
Increase Lease Renewals in Virginia Beach
Retaining your existing tenants will make increasing your occupancy rate easier. Your ROI will rise, ensuring your success in today's competitive real estate market. Use these tips to generate more lease renewals in Virginia Beach today!
You don't have to apply these leasing strategies alone. Our team at PMI Virginia has 20 years of experience generating renewals. We can use state-of-the-art technology and award-winning strategies to maximize your profitability.
Boost your occupancy rate and ROI. Contact us today to develop your leasing strategy.
