According to the Rental Housing Journal, about two-thirds of renters renewed their leases in 2022. How many of your Oklahoma City renters renewed last year? Generating more lease renewals will save you money on marketing and long-term vacancies.
Leveraging tenant retention techniques can help you gain a competitive advantage in today's rental market. You can boost your occupancy rate and earning potential.
Not sure where to start? Read on for our top lease renewal strategies!
Apply Tenant Retention Strategies Early
Forge strong landlord-tenant connections with renters the moment they move in. Start by outlining your expectations in your rental rules. Respond promptly to their inquiries to show renters you're a caring, attentive landlord.
Send tenants a lease renewal notification 90 days before their lease lapses. Beginning the renewal process early will give renters time to explore their options. It also gives both parties time to negotiate.
Notify tenants about rent increases in advance. Justify your rent increases by researching market rates.
Remain transparent to maintain trust with your renters. According to landlord insurance company Steadily, the median rent in Oklahoma City is $1,074.
If you don't justify these increases, they may explore other options. Common reasons for increases include:
- Population growth
- Increased demand for rentals
- A higher cost of living
Creative Positive Experiences
Before applying these property management tips to improve lease renewals, consider how you operate as a landlord. Offering great rent experiences may encourage renters to stay.
Try to:
- Respond to concerns quickly
- Address maintenance requests promptly
- Apply feedback from renters
Allow tenants to submit maintenance requests and rent payments using an online portal. Tenants can use the portal to track maintenance, send questions, and review their lease documents. Increased transparency and accessibility can boost tenant satisfaction rates.
Use the portal to simplify the lease renewal process. You can send renters a digital copy to sign, saving everyone time.
Offer Incentives
Use incentives to improve lease renewals. These can include:
- Reduced rent
- Gift cards to local stores
- A free month of rent
- New appliances and other upgrades
Talk to your renters. Applying their feedback will show them that you care about their living experience. Tailor the incentives you offer based on each tenant's needs.
Request Property Management Tips
Instead of applying these tenant retention strategies alone, consider partnering with a full-service property management company. Their services can improve tenant satisfaction rates. They can respond to tenant needs when you're unavailable.
Apply their professional property management tips to operate more efficiently. For example, they can streamline the lease renewal process using state-of-the-art technology. Simplifying the process may encourage tenants to renew.
Boost Lease Renewals in Oklahoma City
Generating more lease renewals in Oklahoma City can feel daunting if you're working alone. Instead, partner with a property management company like PMI OKCity Local for more lease renewal tips.
We use state-of-the-art property management software that allows owners to track how their investments perform. Trust our commitment to accuracy, honesty, and communication as we add value to your rentals.
Contact us now for a free rental analysis.
