Finding a place to live in Denver isn't easy. In fact, as of June 2023, Denver has one of the biggest housing shortages in the United States.
Have you ever wondered how to keep tenants with lease renewals, rather than finding new residents? Read on to learn how to make the process easier to navigate for everyone.
Get Feedback From Tenants
Before you renew the lease, make sure to ask your tenants for their feedback. When you show that you're listening to your residents, they may feel like they want to stay longer.
Tenant communication can occur in person. You can also ask them to give feedback through a tenant portal or digital form.
If possible, you should enable tenants to give anonymous feedback. Obviously, this will not work if you only have one property, but it can be a great way to receive honest critique if you have multiple residents.
Make Attractive Upgrades
Always be on the lookout for a new rental property upgrade. Even if you only own one property, you can still make valuable changes that will benefit yourself and your tenants.
For instance, you can update their appliances or add outdoor amenities for residents to gather. Take note of upgrades your residents have suggested in the past and make those changes if it is possible.
Be Open to Negotiation
Tenant communication is one of the keys to a great resident-landlord relationship, and it is especially important when it comes to lease renewals. When a lot of money and contractual work is involved, you should stay on top of negotiating with your tenants.
It may be worth the investment to listen to your tenants rather than spending time and money looking for new residents. If your tenants can't afford the lease renewal, consider meeting them in the middle.
You can also throw in other perks, like rental maintenance and other upgrades. Or, if they have pets, you can eliminate pet rent or change your policy on pets.
Lock in Commitments Early
In a competitive housing market like Denver, it can be overwhelming to try and find new tenants at the last minute. Contact your residents as early as possible about their lease renewals.
You can offer incentives to sign their lease renewals early, such as a rental payment grace period for a designated number of months. If they have been great tenants, you can even offer something like a reduced security deposit.
Research your area to see what the average period for lease renewal is. Try to go earlier than that so you can beat out the competition. For example, if most landlords offer renewals 90 days early, go for 120 days.
Make Lease Renewals Easy
If you are a landlord or a property manager, you should not have to worry about lease renewals and whether your tenants will stay. With this guide, you can ensure the renewal process goes smoothly.
Looking for assistance in Denver, Colorado? PMI Cedarboldt has all of the resources you need. Reach out to us today to get started.