In a single year, about 62.7% of renters renewed their leases. How many of your tenants renewed last year?
Generating lease renewals can improve your occupancy rate. You'll generate more revenue without stress over long-term vacancies.
Not sure how to generate renewals in Jacksonville, FL? Read on to experience the benefits of keeping great tenants firsthand!
Set Rental Property Rules
Before choosing renters, develop a thorough tenant screening process. This way, you can select renters that you want to keep. A comprehensive report should consider each applicant's:
- Eviction history
- Rental history
- Credit score
- References
- Criminal background
Failing to complete this task could leave you with challenging renters. They may damage your beautiful rental property. Some may pay rent late or cause neighbors to complain.
Already, 8.4 million Americans are behind on rent payments. Selecting one of these renters can affect your profitability.
After choosing renters, establish your rental property rules. This will ensure everyone remains on the same page. Otherwise, communication issues could frustrate renters, leading to fewer renewals.
Enhance Tenant Communication
Make it easy for renters to reach you when they need help. Otherwise, they may grow frustrated due to a lack of communication.
Enhance tenant communication by providing them with access to an online rental portal. From there, renters can:
- Pay rent payments
- Automate rent payments
- Submit maintenance requests
- Send inquiries
- Review their leasing documents
When it's time for renters to renew, provide a 90-day notice. This gives them the opportunity to review their options.
If renters decide not to renew, an early notice gives you the chance to market the listing. You can find new tenants before the property sits vacant.
Offer a Rental Property Upgrade
Tenants are more likely to renew their leases if the rental offers everything they need. Otherwise, they'll look at other rental properties in Jacksonville. Consider offering renters a rental property upgrade.
These can include:
- New floors
- New kitchen appliances
- Smart home technology
- Energy efficient windows
Talk to your tenants to gather their feedback. Offer upgrades they want to provide better living experiences.
Complete Rental Property Maintenance
Keep up with rental property maintenance to ensure tenants have a great place to live. If the property crumbles around them, they won't want to renew.
Create an emergency fund to cover expensive repairs as soon as possible. Schedule routine inspections to spot problems before they worsen. This can help you avoid more costly projects.
Hire a Property Management Company
Instead of encouraging lease renewals alone, outsource. Hire an experienced Jacksonville property management company.
A full-service company can help you offer tenants better living experiences. Improving tenant satisfaction rates can lead to more renewals.
Encourage Lease Renewals in Jacksonville
Don't miss a chance to improve your occupancy rate. Instead, use these effective strategies to encourage lease renewals. With these tips, you can improve your ROI in no time.
Remember, you don't have to do it all alone. Trust our team at Green River Property Management.
We can help you reap the financial rewards of homeownership. We have 15 years of local experience, low turnover rates, and happy tenants.
Depend on our professional solutions to maximize your earning potential. Contact us today to get the most out of your rental home!
