While vacancies may be within your budget, it’s best to avoid them when possible. If you can consistently keep good tenants around, you’ll have more money coming in, and you can spend less time searching for new renters. Here’s how to get your tenants to renew their lease and save yourself a lot of work.
Talk Renewal Early
In a year-long lease situation, you should touch base with your tenant after six months to see if they’re interested in renewing the lease when the time comes. Don’t wait until the lease is almost up to address the renewal, and don’t pester your renter, either. After six months have passed, if they’re interested in renewing the lease, check back in when another three months have passed to confirm their intention.
If your tenant isn’t interested in renewing after six months, ask as to the reason. There may be something that you can fix or change about the property to convince your renter to stay.
In that same vein, talk to your tenants regularly about their feelings on the property. Chances are, they have several ideas on ways to improve their living situation. If you invest the time and money to accommodate any reasonable requests, you’ll show your renters that you’re committed to their comfort and well-being, making them much more likely to stick around.
Not all upgrades need to come from tenant requests. Amenities like laundry, pools, and storage spaces are extremely appealing, so if you show your tenants that you’re willing to upgrade the property as time goes by, they’ll be very interested in renewing their lease. In addition, you can spend time improving the amenities you currently offer by keeping everything up to date.
Now that you know how to get your tenants to renew your lease, keep your good renters around for as long as possible! If your tenants decide not to renew their lease, consider switching them to a month-to-month lease agreement so they’ll have a place to stay while you look for renters to replace them.