Being a landlord isn't easy in 2023. Any time the topic comes up in articles, you'll see phrases like "landlords are parasites and you're the host."
The landlord reputation among those in Central Oregon is at an all-time low. For those looking to keep their current golden tenants, it may feel like they're fighting a losing battle. Is there a way to ensure high tenant retention with so many people who don't renew their leases?
Let's take a look at some lease renewal strategies you should have for your rental property.
Make Things Easy and Convenient
For many tenants, they have to keep a bank account open that still has checks to pay their rent. When they call their landlord for maintenance, it's like working with the worst customer service imaginable. Getting anything done takes patience and something approaching a miracle.
So, make things easy and convenient for your tenants. Allow them to pay their rent with ease via an online portal. Allow them to submit online maintenance requests, and respond to their queries ASAP.
Even little things like letting them view their contract online or automated rent due date reminders go a long way. If it's easy to live in your place, tenants will stay much longer.
Give Them Incentives to Stay
Oftentimes, the main reason people end their contracts with you-whether in a residential or commercial property-isn't down to just the price. It's the unique benefits you or your property management company offer. If they feel that someone else treats them better, then they won't think twice about dropping their contract.
Take, for example, pets. Many people view their pets as family members. This means pet-friendly apartments are non-negotiable.
It's understandable with the damage and the mess that pets cause that many landlords forbid them. In a competitive market, though, that could be the difference between keeping and losing a tenant. Consider incentives beyond allowing pets, like free parking, free WiFI, and so on.
Keep Rent Reasonable
Most tenants understand that rent is always going to increase year after year, even if only to keep pace with inflation. However, many landlords take advantage of established tenants to skyrocket prices. Tenants are likely going to leave in response to this-or resent you and become disgruntled, uncooperative tenants.
So, make your rent increases reasonable. Hiking rent up the maximum amount possible before renegotiating a contract is going to leave a bad taste in everyone's mouth. Remember, you are a community member in Central Oregon before you're a landlord.
Find More Lease Renewal Strategies at PMI
Lease renewal strategies are vital to keeping consistent rental occupancy-especially in order to retain your good tenants. The key is to make being your tenant a smooth, enjoyable, and easy process. Give your tenants good incentives to stay and keep the rent at a reasonable price.
PMI Central Oregon gives you the best property management experience in Oregon, hands down. We have a skilled team with decades of shared experience ready to maximize your ROI. Start things off using our free rental analysis.
