You did a ton of work to market your property, screen applicants, and sign a lease with the ideal tenant. The process costs you valuable time, effort, and money. The last thing you want to do is go through it again a year later when the lease expires.
Meanwhile, your rental property sits vacant, and you lose out on rental income. A better option is to secure lease renewals with your current tenant. These tips will help you secure more tenant renewals in our rental properties.
1. Provide Amenities
Your home may have been competitive in the rental market when you signed the lease with your current tenant. But a lot can change in a year.
Adding amenities to your rental property can ensure your property stays competitive while encouraging your tenant to renew the rental lease. Your tenant will be less likely to move when they can get everything they want with you.
2. Take Over Tenant Duties
The California landlord-tenant law outlines the duties of the tenant and landlord. However, it doesn't spell out everything. That is why you have a lease. While you can't go against the law, you can change your lease terms.
Consider taking over duties the tenant was responsible for in the original lease. Or consider providing additional services that were not included initially. Making your tenant's life easier makes them more likely to renew their lease.
3. Perform Maintenance
Your tenant wants to live in a beautiful home they can feel proud of. If you neglect maintenance tasks, your rental property will slowly decline in quality and condition. When it's time to renew the lease, your tenant will move out and seek more for their money elsewhere.
Improve tenant retention by staying current on maintenance and repair tasks. Or better yet, perform planned upgrades. That way, your rental home always remains at the forefront of home trends and marketability.
The best time to perform these tasks is before the lease renewal period. That way, these actions are fresh in the mind of your tenant.
4. Allow Pets
If you previously did not allow pets in your property, consider allowing them for the tenant lease renewal. This can encourage a tenant to stay in your rental property rather than move so that they can have a pet.
This might be a good change to make now, as California law may change to require landlords to allow pets. At least you already know your tenant is responsible. You can't have the same confidence when placing a new tenant.
Increase Your Lease Renewals
The longer you can keep a tenant in your rental property, the more profitable it can become. Lease renewals reduce the number of vacancy months you have. They also reduce marketing, tenant screening, and eviction costs, as you have a responsible and dependable tenant paying their rent.
Working with a property management company like PMI American River can make convincing tenants to renew their leases easier. Our knowledgeable team can identify the best approach for appealing to your tenant.
Improve your lease renewal rate and keep high-quality tenants in your property when you work with PMI American River.
