Currently, Northern Virginia has a lack of affordable housing. As a landlord, you might think this is good news; all you have to do is keep your prices low, and your units will always be occupied, right?
The truth is, even when there's a shortage in affordable housing, tenants will have discerning eyes. And if the place they're staying at isn't up to their standards, you can count on them to leave.
Are you now wondering what you can do to encourage lease renewals? Then keep reading to learn excellent strategies.
Offer Competitive Rent Rates
It's essential that you regularly research the local rental market. That way, your rent rates will remain competitive. For example, the average rent in Vienna is $2,224 in July 2023, so make sure you're charging around that price.
Also, avoid significant rent increases when it's time to renew a lease. If you're afraid that you're losing out by not hiking the price, just keep in mind that a higher tenant turnover rate will cost you more in the long run.
Have Flexible Lease Terms
No one likes to be trapped by a contract, especially a lengthy one. Life circumstances change often, so it's great if your renters have more flexibility with their lease terms.
You can have anything as short as monthly leases, up to short lease periods of six months, or longer-term ones of two years. When you cater to different tenant needs, you'll garner more lease renewals.
Consider having a gentler rental payment grace period too. Renters will be happy to pay fewer late fees.
Offer Incentives for Renewal
It's not uncommon to get renters who are on the fence about renewing. Sweeten the deal by offering them incentives, such as a one-time discount on monthly rent or a gift card to a local business.
These things may seem small, but they can be what drives people to stay on your property.
Keep Up With Rental Property Maintenance
Renters are willing to overlook a few things if their rent price is acceptable. But if the property is constantly in disrepair, they won't be motivated to stay on a long-term basis.
It's your responsibility to ensure that the property is well-maintained and in good condition. When you receive maintenance requests, promptly address them. In addition, conduct regular inspections to tackle problems before they become larger ones.
Upgrade Property Amenities
If you already keep your property in fantastic shape, then take it one step further by making upgrades. Your tenants will be pleased with any rental property upgrade, as it'll prove that you care about their well-being.
You can enhance their overall living experience by improving common areas, doing landscaping, and adding security features.
Increase Lease Renewals With Our Tips
Lease renewals may have been elusive in the past. But if you follow our advice, you'll surely see more of them.
Plus, if you use our property management services, you won't have to worry about a thing. Your landlord duties won't be something stress about anymore.
Contact us today to hear more. Trust Vienna Property Management Inc. to keep your property in tip-top shape.
