How many of your amazing, reliable San Antonio renters renewed their rental lease last year? About two-thirds of renters in the US renewed in 2022. If you're not generating lease renewals, your vacancy rate could increase.
You'll lose the chance to maximize your occupancy rate and rental income. Before that happens, read on. Discover the most effective strategies for generating renewals today!
Screen Applicants
Before selecting renters, screen applicants. Avoid renters with a history of late payments and evictions. About six million American households (15%) are already behind on rent.
Not all tenant screening reports are accurate or comprehensive. A full report should include:
- References
- Eviction histories
- Credit scores
- Employment verification
- Criminal background checks
Outsource to save time. A property management company will ensure you find reliable renters. Their landlord advice can help you remain compliant with tenant-landlord laws and regulations.
Select renters you can trust with your investment property. Retaining these tenants long-term could help you avoid future landlord stress.
Offer a Competitive Rental Lease
Research San Antonio's rental market. Complete a rental analysis before adjusting your rates.
A huge rent increase could scare away tenants. Instead of renewing, they'll look for a cheaper option. Before that happens, set competitive yet fair rates.
Consider the property's location, condition, and amenities you offer. Compare your property to similar units in the area.
Provide renters with flexible lease terms. For example, some may prefer a monthly rental option over a one- or two-year lease.
Maintain the Property
Keep up with property maintenance by scheduling routine inspections. Keeping the property in good condition will encourage renters to stay. If it's falling apart around them, they'll leave.
Offer rental property upgrades, such as new kitchen appliances, floors, or energy-efficient windows. Gain a competitive advantage by offering smart home technology upgrades.
Choose amenities that offer tenants value they can't find elsewhere. For example, you can cover pest control, lawn care, or other services.
Establish Open Communication
Maintain open lines of communication with your renters. Communicating will show renters that you care about their concerns. If you're difficult to reach, they may search for a more responsive landlord.
Use an online tenant portal to keep up with requests. You can outsource this process to a property manager.
Send renters a 90-day notice when their tenant lease is about to end. This will give them time to review their options. If they decide not to renew, you can market the property to avoid a vacancy.
Hire a Property Management Company
Instead of applying these tips alone, outsource. An experienced property management company will help you apply proven strategies. Their landlord advice could give you a competitive advantage in today's market.
The best property managers can improve tenant living experiences. Happy tenants are more likely to renew their leases.
Boost Lease Renewals in San Antonio
Generating more lease renewals can help you boost your occupancy rate and rental income. Use these strategies to encourage renters to stay. Otherwise, allow a property manager to handle it on your behalf.
Our team at PMI Navigate has 20 years of real estate management experience. Trust our proven strategies and industry expertise. Contact us today to generate more renewals in San Antonio.
