Keeping tenants and getting them to renew their leases can be a challenge for some apartment community owners. People may Read More…
Top 3 Ways to Increase Lease Renewals
Keeping tenants and getting them to renew their leases can be a challenge for some apartment community owners. People may choose to move for several reasons that are outside of your control. This can include:
- New job or promotion that requires them to relocate.
- Change in their lifestyle such as getting married, having to care for an ill parent, or starting a family.
- Adjustment in income due to a job loss, or choosing to go back to school.
As the property owner, the key is to focus on providing a welcoming and safe environment for those tenants that want to stay and are willing to renew their leases.
At Top Floor Insurance, we recommend you use these 3 strategies to keep your tenants happy and eager to sign a new lease.
- Offer discounts or giveaways for renewing.
If your old tenants decide to leave, it will cost money to find a new renter. The cost you’ll spend to clean the apartment, stage it, advertise it to potential renters, process rental applications, etc can add up quickly. By having an apartment renter agree to stay, you are saving not only in the expense, but with time as well. So why not pass this savings on to them, in the form of a monetary “bonus” for renewing. This could be a $100 gift card, or $200 off of one month’s rent. Either way, it does save you significant money in the long run if they do not move.
2. Get to know your tenants and build trust
If your tenants feel listened to and appreciated, they are less likely to start looking elsewhere. Having social events, or just taking the time to get to know your tenants by name, can go a long way in building a lasting relationship with them. Your tenants don’t want to feel disposable, or just like a number to you. Remember, tenants that feel their needs are taken care of are more likely to renew their lease.
3. Make the community something they can be proud of
The external appearance of your property is key to keeping tenants happy. No one wants to come home to a rundown or dilapidated building. And, this extends to the landscaping too. Make sure grasses are cut, bushes are well-kept, and the overall property is well maintained. Finding ways to also upgrade the units and any common spaces can be a great way to boost the look and feel of the units. Even new paint for the doors, switching out locks, or decorating hallways with a monthly or seasonal theme, can also be easy things that can be done.
Also, don’t be shy to ask your tenants to renew their lease, at least 90 days before the lease is up. This way, if they do decide not to renew, you have plenty of time to advertise. At Top Floor Insurance, we have worked with hundreds of apartment community owners and have studied the strategies that make them successful. Whether you’re looking for practical ways to boost your lease renewals or guidance on how to select the best apartment community insurance policy, we can help! If you’d like to discuss your insurance needs and explore ways that you can save at least 25% on your insurance premiums, feel free to call our insurance specialists at 404-266-3218.