Are your current tenants happy living in your rental property, or are they already exploring different rentals in Portland? If your tenants are unhappy, your vacancy rates could increase. You'll stop generating income from your rental properties, leaving you without an easy source of income.
With these tips, you can boost tenant satisfaction and lease renewals. Happy tenants will want to stay longer. You won't have to worry about marketing or screening new tenants.
Read on to get more tenants to renew their leases!
Outline Rental Property Rules
Let your tenants know what you expect of them from the beginning to avoid confusion or miscommunication. When they move in, provide them with a list of your rental property rules.
Your rules may include:
- Quiet hours
- How to contact you
- Emergency phone numbers
- Trash collection schedules
- Gas, cable, and electric company numbers
- A list of what's considered damage to the property
Have your tenant sign and date the document to confirm they understand your rules.
Prioritize Tenant Communication
Show tenants that you care about their needs and want to help. Give them multiple ways to contact you or use a tenant portal to encourage tenant communication.
Start your retention efforts early. Talk to your tenants two months before they need to renew their lease. Communicating with tenants will help them feel appreciated and cared for.
If you wait too long to reach out, they could start looking for a new rental property.
Gather feedback from your tenants. Make improvements based on their comments and concerns. Making these improvements will show them you care about their comfort.
Offer a Rental Property Upgrade
Strategic property upgrades could encourage tenants to stay longer. For example, you can add a:
- Rooftop garden
- Doggie daycare
- Bicycle repair station
These upgrades to the building could make it a more desirable place to live.
Talk to your tenants about what's missing from their units. You could offer upgraded flooring, paint treatments, windows, or appliances. Keeping up with the competition could encourage rent renewals.
Complete Rental Property Maintenance
If a landlord fails to maintain the premises in a habitable condition, tenants can give their landlord a 30-day notice to terminate the lease. Complete all rental property maintenance projects as quickly as possible. Maintenance can minimize the tenant's frustration.
It's also another opportunity to show tenants that you care about their needs.
Offer a Rental Payment Grace Period
Offer tenants a rental payment grace period. If rent is due on the first of the month, extend the grace period to the fifth. Try to simplify rent collection, too.
If you're too strict, the tenant may want to find a more lenient landlord.
Increase Lease Renewals in Portland
Unhappy tenants are more likely to leave without even considering renewing their leases. Use these tips to boost tenant satisfaction. Your happy tenants will want to stay, increasing lease renewals and reducing your stress levels.
You don't have to apply these tips on your own. PMI Bridgetown offers professional property management solutions. We'll ensure your properties operate smoothly and generate maximum profits.
Contact us today to discover how our services can help you!