In a single year, two-thirds of renters decided to renew their leases. How many of your Jacksonville, FL renters did the same? Without lease renewals, your vacancy rate could rise.
A high vacancy rate can hurt your profitability. To avoid vacancies, use these leasing management tips to boost renewals. Generate more rental income with these property leasing tips!
Find Quality Tenants
You don't want to retain tenants that cause property damage or pay rent late. In fact, six million American households are behind on rent payments. Choosing one of these renters can affect your profitability.
Don't rush to choose tenants. Otherwise, you may end up choosing a renter you'll need to evict later. On average, evicting a tenant can cost between $3,000 and $4,000.
Before using the rest of these tips, make sure you're looking for quality tenants. Develop a tenant screening process that includes reviewing:
- Credit scores
- Criminal background checks
- References
- Eviction histories
- Employment verification
Screening tenants will help you find renters you want to retain. Keeping quality tenants in your properties will give you peace of mind.
Improve Tenant Relations
Tenants won't want to stay if they think you're an unreliable landlord. Improve tenant relations and tenant satisfaction rates.
Provide renters with access to an online tenant portal. This will allow you to streamline communications. Tenants can submit inquiries, maintenance requests, and rent from the portal.
Respond to tenant inquiries promptly and professionally. Empathize with their situation to show them you care.
Remain patient and respectful. Try to resolve conflicts quickly and fairly. In time, tenants will recognize they can depend on you.
Update and Maintain the Property
Tenants won't renew their leases if your rental properties are falling apart around them. Maintain your investment properties by scheduling routine inspections. Respond to tenant maintenance requests promptly to avoid frustrating renters.
Consider upgrading the property to encourage renters to stay. This will help your property stand out from other Jacksonville rentals.
Offer Incentives
Encourage renters to renew their leases by offering incentives. These can include:
- Rent discounts for long-term tenants
- Upgrades and improvements
- Amenities or services
- Gift cards to local stores or restaurants
Hire a Property Manager
Partnering with a property management company can boost tenant satisfaction rates. Their effective property management techniques will ensure you meet tenant needs.
Your property manager can respond to inquiries and resolve disputes. They'll keep up with maintenance, tenant screening, and more. Their services will help you operate more efficiently while minimizing complaints from tenants.
Ensure Effective Leasing Management Today
Effective leasing management can ensure your long-term success in today's real estate market. Use these property leasing tips to boost lease renewals. As you retain more quality tenants, you'll generate more rental income.
Remember, working with a property management company can make all the difference. Our team at Green River Property Management can take your investment to the next level.
We've worked extensively across the First Coast for over 15 years. Our guidance and services will ensure you reap the financial rewards of ownership.
Maximize your earning potential with our suite of professional solutions. Contact us today for a free rental analysis.
