Denver is the third-most competitive rental market in the country, according to the Denver Post.
It's a good time to be a rental property owner, but that doesn't mean you should rest on your laurels. Sure, tenants are likely to stay put in their units to avoid jumping back into the rental market, but it's no guarantee. If they see something better, a good tenant won't hesitate to jump ship.
Increasing lease renewals should be a major priority for every landlord. In today's post, we'll give you 5 tips to increase lease renewals in your Denver property. Keep reading and we'll help you boost tenant retention and keep your property lucrative.
1. Maintain Your Property
A surefire way to boost tenant retention is to show that you're willing to invest in the tenant experience. No one will stick with a landlord who lets their property fall into disrepair.
Prioritize property maintenance and respond to tenant maintenance requests promptly. Don't be afraid to put money into your property. It helps preserve your property value over a longer period and ensures your tenants are happy in the unit.
2. Build Relationships
It's good to build a friendly, yet professional relationship with your tenants. One of the hallmarks of great tenant relationships is communication. If your tenant has any questions or concerns about your rental, they should be able to share them with you openly.
Likewise, you should take tenant feedback to heart and do everything in your power to address their concerns. This might involve making quick repairs or dealing with another tenant who is causing distress. The more you show you care about the relationship, the more likely it is the tenant will stick around.
3. Incentivize Lease Renewals
When you're not sure where you stand with a tenant, you can offer incentives for lease renewals. This could come in the form of a rent reduction or a timely upgrade to the rental property.
4. Send Early Notices
It's in everyone's best interest to send out a renewal notice months in advance of the end of a tenancy. If you wait until the last minute to send out a lease renewal, you run the risk of the tenant already finding alternative housing.
Give your tenant time to review the lease renewal documents and raise any issues before signing. Being flexible about the renewal will help you meet in the middle on any sticking points.
5. Streamline the Process
Do what you can to make the process as easy as possible for your tenants. Whether it's hiring a property manager to help you deal with lease management or using software to automate the entire process, try to simplify it for your tenants.
Most people just want to take the path of least resistance. Your tenants will be more likely to stay put if you make everything easy for them.
Get More Lease Renewals for Your Denver Rental
Lease renewals can be stressful if you don't prioritize them. The last thing any landlord needs is a last-minute vacancy in one or more of their units because they neglected tenant leases. Keep these tips at the forefront of your mind and your tenant retention should be fine.
If you need help with managing your Denver rental, contact us at PMI Elevation to learn more about our property management services.
