How many of your Miami, FL tenants renewed their leases last year? In 2022, about 62.7% of renters renewed. If you're not generating lease renewals, your vacancy rate could rise.
You'll lose thousands in potential earnings every month. Before that happens, use these lease agreement tips to encourage renters to stay. Streamline your lease renewal process today!
1. Communicate With Tenants
Engage with your tenants from the moment they move in. Fostering strong tenant-landlord relations can increase satisfaction rates.
Tenants that are happy with their living experiences are more likely to stay. Otherwise, they'll move out to find a landlord that cares more about their needs.
For efficient lease management, provide renters with access to an online tenant portal. Respond to their inquiries in a timely, professional manner. Prompt responses will show renters you care and want to help.
Give tenants a 60- to 90-day notice before their lease ends. In the notice, provide key information about the new lease. This includes the:
- New rent rate
- Lease terms
- Changes
Try to remain flexible. For example, some tenants may want a monthly lease term over an annual option. Some renters may want to stay for two years instead of one.
Remaining flexible will ensure you meet the needs of more tenants. Renters will appreciate your willingness to listen and find a compromise.
If you're struggling to keep up with renter requests, hire a property manager. They can respond to tenants on your behalf to improve satisfaction rates.
2. Offer Incentives
Encourage more lease renewals by offering rental incentives. These include gift cards and rent discounts.
Before increasing the rent, evaluate Miami's rental market. Determine if flat renewals are an option. Renters may be more inclined to stay if you don't boost the rent.
You can upgrade the rental property to make it a more desirable place to stay. Small upgrades include:
- Paint
- Flooring
- Kitchen appliances
- Smart home technology
- Kitchen cabinets
- Light fixtures
- Exterior upgrades
Talk to your renters to determine what they want. Meeting their needs can encourage them to stay.
3. Leverage Technology
Use technology for efficient lease management. If the renewal process is complicated and time-consuming, renters won't bother. Instead, use automation to simplify the process.
For example, you can have renters sign the lease agreement online instead of in person.
4. Outsource the Lease Renewal Process
You don't have to use these tenant retention strategies alone. Instead, consider partnering with a property management company. Rely on their expertise and property management tips to ensure your success.
Their understanding of Miami's rental market can give you a competitive edge.
Start Generating Lease Renewals
Encouraging lease renewals may seem daunting at first. Use these four tips to streamline your lease renewal process. Otherwise, hire a property management company.
Our team at PMI Sunshine State is part of a fast-growing franchise that's been changing the property management industry for 20 years. Trust our state-of-the-art technology, strong record of success, and award-winning services.
We can maximize your earning potential. Schedule a free consultation today to discover how you can generate more lease renewals!
