How To Get Tenants To Renew Leases in Grand Rapids, MI
Imagine reaching full occupancy next year. You won't have to worry about marketing, tenant screening, or costly vacancies. The rental vacancy rate in the US has already increased to 6%.
Instead, you can sit back and experience success as a property owner! With a lease renewal strategy, it's possible.
Here are a few tips you can use to boost lease renewals in Grand Rapids. Start using these tips to maximize your occupancy rate today.
Improve Tenant Communication
Your current tenants won't want to stay if you fail to communicate. Use rental property software to streamline and simplify communications. It provides a centralized platform for maintenance requests, tenant inquiries, document sharing, and more.
Respond to tenant inquiries as soon as possible. Delays could frustrate your tenants. They'll begin to think they can't depend on you.
If you're struggling to keep up with tenant communication, outsource to a property management company. A property manager can respond to tenants on your behalf.
Tenants will begin to recognize that you care about their living experiences. Boosting tenant satisfaction could get them to want to stay. Neglecting tenants, on the other hand, may scare them towards other Grand Rapids rental properties.
Complete Rental Property Maintenance
Your current tenants won't want to stay if the property isn't well-maintained. Respond to rental property maintenance requests quickly. Otherwise, tenants may want to take legal action.
Give your renters a great place to live. Gather competitive bids before choosing a reliable, experienced contractor. Keeping up with maintenance can help you avoid more expensive repairs.
Offer a Rental Property Upgrade
You can incentivize renters to stay another year by offering a rental property upgrade. Choose upgrades that boost the property value to attract renters in the future. Great upgrades include:
- New hardwood floors
- A fresh layer of paint
- Energy-efficient windows
- New backsplash
- New kitchen appliances
- Vinyl siding
The right combination of upgrades can improve a renter's living experience. Talk to your renters to gather their feedback. Ask about the problems they've faced and how you can improve.
For example, perhaps your renters struggle with high energy bills. Offering energy-efficient windows can help them save money.
Consider a Rental Payment Grace Period
Instead of waiting for tenants to pay rent late, provide a rental payment grace period. Allow them to pay up until the fifth of the month. They'll appreciate your patience and understanding.
When it's time to discuss renewing their lease, don't rush to increase the rent. Instead, remain flexible to find an option that works for all parties.
Hire a Property Management Company
An experienced property management company can help you offer tenants better living experiences. Happy tenants are more likely to renew! Your property managers can handle inquiries or concerns on your behalf while ensuring quick responses.
Generate More Lease Renewals Today
Generating more lease renewals can save you time and money. Instead of losing tenants, you can retain your best renters.
Remember, you don't have to develop your leasing strategy alone. Our team at PMI West Michigan has nearly 20 years of industry experience helping landlords maximize their earning potential.
You can rely on our state-of-the-art technology and award-winning techniques to succeed in a tough market! Request our property management services to generate more renewals today!