In 2022, nearly two-thirds of renters renewed their leases. However, there's no guarantee that your tenant will decide to stay in your rental once their lease expires.
If you've gone through a thorough screening process and found some tenants that are reliable and pay rent on time, it's best to keep them as long as you can. Putting some extra effort into getting them to renew their lease can be well worth it.
Here's how you can encourage lease renewals in Chevy Chase, MD.
Improve the Tenant Experience
One of the key things you can do to ensure your tenants in Chevy Chase will renew their leases is to give them a great experience. Be sure to budget for annual property maintenance and consider making some upgrades from time to time. Communicate with tenants regularly and show that you care about their experience.
If you're a great landlord, it will be more likely that your tenants will be willing to sign a lease for another year.
Offer Incentives
You may want to offer a discount or free gifts to tenants who renew. You might also want to consider giving them a small rental discount.
Incentive possibilities are endless, so consider what your tenants might appreciate and go from there. Even small incentives can go a long way toward encouraging tenants to renew their leases and stay where they are.
Remind Them
If you want your tenant to renew their lease, stay communicative. Send them regular reminders that the time to renew is coming up and make it easy for them to let you know if they decide to do so.
If there will be any rent increases, also let them know about them. This will give them time to mentally prepare.
Offer Flexible Terms
If you have tenants that you love, you may want to be a bit more flexible with their lease terms. Consider negotiating with them and finding a way to make them happier in your rental.
You may find that they're more than willing to renew their lease if there are small changes made to the terms or if you offer some additional amenities.
Reconsider Rent Increases
If you need to raise the rent for the new lease, try not to overdo it. Big rental increases can scare off a tenant quickly, so if you care about keeping them, you may be better off sticking to a small increase of only three to five percent.
If you do need to make a rental increase, be sure that you explain it to your tenant. Let them know exactly where the money will be used, whether that will be on maintenance, taxes, insurance, additional amenities, or something else.
Encouraging Tenant Lease Renewals
To encourage tenants to make lease renewals in Chevy Chase, take care of them in the present. Put effort into improving their experience, communicate with them regularly, and consider being flexible with their lease terms once it's time to renew.
If you need full-service property management in Chevy Chase, MD, consider working with PMI Chevy Chase. As part of a franchise with more than two decades of experience, we have the resources and knowledge to help your investments succeed.
Ready to learn more? Get in touch with us today to find out how we can help.
