46% of people across Georgia use over a third of their income for rent. Because of this, it can be challenging for landlords to make lease renewals seem appealing. Increasing rental costs even slightly can drive people away, as can policy changes.
Luckily, good property management in Atlanta can keep people interested in renting. Read on to learn the ins and outs of getting people to renew their leases.
Stay Up-to-Date on Maintenance
No one likes living in filth or contending with broken appliances. Landlords also have legal requirements to keep rental units in good condition. That's why it's important to stay up to date on maintaining units people live in.
If you respond quickly and efficiently to maintenance requests, your tenants are more likely to stay. They're paying rent and getting a quality living space in return. It's a way to show that you respect your tenants and care about their livelihood.
Allow Pets on Your Property
Almost all pet owners consider their beloved dogs and cats part of the family. Only about half of rental properties are pet-friendly, and the 66% of Americans with pets clamor for those units.
Letting people with pets remain after lease renewals is a great way to keep them on your property. They won't want to find a new pet-friendly apartment, which decreases your vacancy rates and times. Plus, you can make more money on pet rent in addition to remaining competitive.
Make Tenant Communication a Priority
People feel valued when their landlords listen to them. They're more likely to establish a positive relationship with you and remain in your unit. After all, they don't want to go somewhere where their questions and concerns go unheard.
Make sure that you make yourself regularly available to tenants. Answer questions openly and transparently and respond to requests promptly.
Keep tenants in the loop about changes to their leases and rental policies. Send out a regular newsletter with relevant information that helps you establish trust.
You can also offer a rental payment grace period to tenants who ask. This shows that you're flexible and willing to adapt to people's changing needs.
Offer Rewards for Lease Renewals
You can also offer people rewards to renew their leases. This may sound costly, but it's far less expensive than contending with a vacancy.
Consider getting them a Visa gift card for anywhere between $100-$500. The exact sum will depend on how much you want the tenant to stay. It will also likely hinge on how on the fence they are about renewing.
You also could offer them a free half month's rent. This makes renewing more cost-effective than finding a new place. Plus, it eliminates the hassle of going to showings, hiring a moving van, and carting all their belongings to a new location.
Enlist Property Managers in Atlanta, Georgia
Getting lease renewals can be challenging for some landlords, but there are ways that you can keep good tenants on your property. Quality property management services can help. We're excited to show you how much money you can make, so get a free professional rental analysis today before scheduling a consultation with Perimeter Property Management.
