Renew Tenant's Lease
How to Ensure Your Tenants Renew their Lease
When you’ve found quality tenants to rent your property, keeping them renting your home after the initial lease agreement is ideal since it makes life easy for everyone. But sometimes people want to explore their other housing options, need more than your community offers, or decide to move for other reasons. How can you ensure that the thought of moving isn’t the first thing on the mind of your tenants? Ensuring lease renewal isn’t as difficult as some landlords think. Don’t lose your tenants! Try any of the following ideas to ensure that your tenants renew their lease and continue renting from you.
Renewal Reminders
Any good landlord will send a renewal reminder to tenants whose leases are soon to expire. Oftentimes landlords fail to pique any greater interest in remaining at the property with this notice, however, with the information tossed to the side, unread. To get your renewal reminder noticed spruce things up a bit.
Discounted Rental Rates
Everyone loves paying less rent so if keeping tenants renting from you is desirable, offer them a rent discount! There are tons of possibilities with rent discounts. Weigh your options and choose what works best for your needs. Whether you offer them $50 off of the next six months’ rent or choose something more or less appealing, the offer of discounted rent is one that few can pass away.
Update the Rental Unit
New carpeting, fresh paint, and new flooring are a few of the improvements that you can make to the rental home that will entice renters and help them decide to stay where they are at. The cost of making these improvements is minimal, but well worth the benefit of keeping quality tenants inside of your rental property.
Upgrade the Appliances
A new refrigerator, stove, dishwasher, etc. to the rental unit is appealing to anyone who is renting. Opt for appliances that are modern, stylish, and efficient and you will always come out on top with your tenants. Stainless steel are chosen by many landlords because of their appeal.
Gift Cards
For some landlords, updates to the apartments are simply unnecessary or inconvenient due to costs. If such a situation applies to your life, offer a gift card to a local retailer. Grocery and gas cards are two of the most popular options, although you can expand your options to other locales like restaurants and local attractions in Vancouver if you desire. People love gift cards to their favorite retailers so this is an offer that will certainly create plenty of excitement. Ensure that you put a value on the gift card that is worth the tenant’s time!
Keep Tenants at your Rental Property
The ideas listed above are only a handful of the many that you can use to ensure that tenants renew and stay with you. Put these tips to work for you or use your creativity to discover many other possibilities for getting that lease renewed. It is well-worth your time and efforts!
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