In the fourth quarter of 2022, the average rent in Cleveland, OH increased by over 12% from the previous year. For 2024, you can expect the same trajectory, meaning that renters are always on the lookout for better places.
For the best profits possible, you need to keep your tenant turnover rate down. And the optimal way to do so is to make your property more appealing than your competitors'.
How can you do this? Keep reading to see several steps you can take to get more lease renewals.
Offer Incentives
Putting a carrot on a stick always works for motivation. Try to offer your renters deals they can't say no to, such as discounted monthly rent or a rental property upgrade.
You can also add loyalty rewards. Long-term tenants will be rewarded with things like rent freezes that'll make their pockets much happier.
Prioritize Rental Property Maintenance
Routine property maintenance benefits both you and your tenants. Being proactive means issues are found while they're small, so you won't have to spend a lot to rectify these problems. Plus, your renters will feel taken care of and safe.
In addition to making sure your property is safe, you'll want to make it appealing, too. Keep up with the times and invest in upgrades here and there to give your tenants a better quality of life. While these improvements may require a hefty upfront investment, it'll be worth it when you can simultaneously retain current renters and attract new ones.
Be Responsive and Attentive
Having a positive landlord-tenant relationship will put you miles above other landlords, so work hard at getting to know your renters. Try to be as neutral as possible and don't take sides.
More importantly, have clear communication channels and respond promptly to their requests. This shows that you value your tenants' well-being and satisfaction.
Hire a Property Manager
Not only do you have to be clever to make the above strategies work, but you also have to be hardworking and dedicated. While you might fit all three criteria, it can be taxing to do it all yourself.
You can lessen the burden by hiring a property manager. Not only can they use their skills and experience to encourage lease renewals, but they can also do tenant screening, rent collection, and evictions, just to name a few services. The bottom line is that you'll actually enjoy being a landlord with their aid.
Use Our Advice to Get More Lease Renewals
To ensure that your rental business has long-term success, you'll have to focus on lease renewals. As you may already know, finding and vetting new tenants can be a real pain, and not to mention, costs a pretty penny, too.
Keep money in your pocket by bumping up lease renewals. And if you're still struggling to do so after reading this article, then you'd definitely benefit from a property management company.
Contact us today if you'd like to hear more about rental property management. We at PMI CLE use top-of-the-line technology to make being a landlord more efficient.
