Are you tired of struggling to keep your tenants in New Brunswick, NJ? You're not alone, as many property managers and landlords find it tough to keep tenants satisfied and renew their leases year after year.
That doesn't mean high tenant turnover has to be a given, though! Follow along as we provide proven tips and tricks to encourage repeated lease renewals.
How to Encourage Lease Renewals
Why work so hard to encourage lease renewals? Finding and screening new tenants is a hassle. So, instead of working to attract new tenants every time someone's lease ends, focus on keeping your existing tenants satisfied with these following tips.
Offer Incentives
One of the easiest ways to encourage lease renewals is by offering incentives. After all, who doesn't love a good discount or perk?
Consider offering a discount on rent for tenants who renew their lease ahead of time. You could also incentivize renewals with gift cards or upgrades, such as a new appliance or a fresh coat of interior paint.
Little things can go a long way in making your tenants feel appreciated and cared for.
Provide Great Customer Service
Another way to encourage lease renewals is by providing great customer service. This can include:
- Being responsive to rental property maintenance requests
- Providing (or improving) amenities like a gym or pool
- Hosting community events
- Offering perks like a rental payment grace period
When tenants feel they're being taken care of, they're more likely to stay put.
Invest in Your Property
Tenants will likely stick around if they see you care about the property and are working to improve it.
Whether you invest in an entire rental property upgrade or commit to painting and refreshing the property's exterior annually, investing in your property gives your tenants a good reason to stay (and have pride in the property themselves!).
Communicate Frequently
Communication is key to any healthy relationship, including the one between property managers and tenants.
To boost tenant communication, check in with your tenants regularly. Send emails to let them know about upcoming events or happenings around the property.
Take the time to ask how they're doing and if there's anything you can do to improve their living experience. When tenants feel heard and valued, they're more likely to renew their lease.
Make the Renewal Process Easy
Finally, make the renewal process as easy as possible for your tenants. Provide clear rental property rules and instructions on renewing their lease and giving them plenty of time to decide.
Consider offering online renewal options or allowing tenants to sign their lease electronically. The easier you make the process, the more likely your tenants will follow through with the renewal.
New Brunswick Property Management
Encouraging lease renewals is about providing great customer service, clear communication, and incentives. If you struggle to provide that level of service to your tenants, consider working with a New Brunswick property management team.
At PMI Central New Jersey, we offer services like marketing, maintenance, rent collection, and more. Contact us today for more information about how our services can help you increase lease renewals!
