Every Coppell rental property owner should know that around 30% of residents are renters.
Since this number isn't as big compared to other cities, it's vital to hang on to stellar tenants. This is tricky when the market is so fierce.
How can you get better at lease renewals? Read on for our top lease renewal tricks to boost your rates.
Clear Rental Property Rules
Begin by establishing and communicating clear rental property rules from the outset. Make sure tenants understand the expectations about the following:
- Property maintenance
- Noise levels
- Any other rules specific to your property
A transparent set of rules creates a nicer living environment. It lowers the odds of disputes that might lead tenants to seek alternative housing.
Strategic Rental Property Upgrades
Consider making strategic upgrades to your rental property. This could include the following:
- Improving the landscaping
- Updating appliances
- Enhancing common areas
Upgrades go a long way when it comes to making your rental property more appealing. They also make your tenants feel good since you care about their comfort.
Thoughtful Rent Increases
When contemplating rent increases, approach the matter in a thoughtful way. Research the local rental market in Coppell to ensure your proposed increase is in line with current trends. Consider the length of time your tenants have been with you and the current economic climate as well.
If a rent increase is necessary, communicate the reasons clearly to your tenants.
Effective Tenant Communication
Your tenants need to know that they can always talk to you. Have an email and a tenant portal to keep tenants informed about important matters, including upcoming lease renewals. Being proactive in addressing issues and keeping tenants in the loop can create a sense of trust and loyalty.
Timely Lease Renewal Period
Start the lease renewal conversation well in advance. Ideally, begin discussing renewals at least 90 days before the current lease expires. This provides both parties with ample time to evaluate their options and negotiate any changes.
Clearly communicate the terms of the renewal, including any adjustments to rent or lease terms. Being proactive and organized during the lease renewal period helps reduce stress for both you and your tenants.
Incentives for Lease Renewal
To sweeten the deal and motivate tenants to renew their leases, consider offering incentives. These can range from a fixed discount on the monthly rent to extra amenities or services. For example, you might offer a one-time maintenance service or cover the cost of professional cleaning before lease renewal.
Remember to tailor incentives to suit your property and tenant demographic. Understanding the specific preferences and needs of your tenants will help you craft incentives that resonate with them, increasing the likelihood of lease renewals.
Do You Need Help With Lease Renewals?
Juggling lease renewals can be tricky. Using these renewal techniques will encourage more tenants to stay, though. You can ensure that your Coppell rental property stays as lucrative as possible.
Are you struggling with lease renewals or other property management tasks? Contact PMI Cowboys Realty to learn how we can help. We have over two decades of experience in the property management industry.
