Over 57% of renters with an expiring lease choose to renew. How many of your Jacksonville, FL renters are renewing their leases? Without lease renewals, you may experience an uptick in rental property vacancies.
Before that happens, develop a lease management strategy. Read on for the tips you need to increase renewals in Jacksonville, FL this year!
Use Property Management Software
Your current renters may get frustrated if you're falling behind market trends. Relying on property management software will offer tenants ease and convenience. Consider using an online tenant portal.
From the portal, tenants can:
- Send rent payments
- Submit maintenance requests
- Ask questions
- Review lease documents
Investing in this software can improve the tenant's living experience. They'll have an easier time accessing the information they need. Meanwhile, you can save time responding to calls and emails.
Modernize systems within your investment properties. Today's renters are tech-savvy. They may look for properties that use:
- Learning thermostats
- Keyless entry locks
- Smarthome assistants
Offering tenants these upgrades will show you care about them and the property. They may decide to stay for another year. Otherwise, they'll look for properties that already offer smarthome technology.
Keep Up With Tenant Communication
Tenants will get annoyed if you delay responding to their questions. Build strong tenant-landlord relations. Use an online portal to keep up with tenant communication.
Keep engaging with tenants after they move in. Consider sending messages for birthdays or holidays. Tenants will recognize you care about them as individuals.
Ask tenants how you can improve their living experiences. For example, they may request property upgrades like:
- New floors
- Smarthome technology
- Energy-efficient windows
- Storage space
- Rooftop gardens
- Doggie daycares
A few small, strategic upgrades can go a long way to improving tenant satisfaction rates. These investments will increase the property's appeal. You may have an easier time attracting future tenants later.
Don't be brash about increasing rental rates. About one in four renters successfully negotiate lower prices when renewing their leases. Instead, remain willing to negotiate.
Talk to your tenants about their needs or concerns. They may request a flexible leasing option or rental payment grace period. Show them that you care about their comfort to increase tenant retention rates.
Complete Rental Property Maintenance
Delaying rental property maintenance projects can frustrate your tenants. They'll move out to find a property that's in better shape.
Use an online portal to accept and track maintenance requests. Work with reliable vendors to ensure there aren't delays.
Hire a Property Manager
Instead of applying these strategies alone, outsource. Hire an experienced property management company. Use their proven strategies to increase retention rates.
They can engage with tenants on your behalf. Improving tenant satisfaction rates can reduce rental property vacancies.
Increase Lease Renewals in Jacksonville, FL
Generating more lease renewals will boost your occupancy rate. You'll maximize your earning potential and stop worrying about vacant units. Use these effective strategies to retain the great tenants you already know and trust.
Remember, you don't have to do it alone. Our team at PMI Jacksonville has 20 years of industry experience.
Benefit from our award-winning strategies and state-of-the-art technology. Contact us today to generate more renewals.
