Georgia has a 7.8% rental vacancy rate. It's the 15th highest in the US.
As a landlord, you may try to fill your empty units by attracting new tenants. Keeping the ones you already have is just as effective if not more so.
Read on to learn the best ways to increase lease renewals.
Use Technology
79% of renters expect to communicate with you completely through direct message, text, or digital chat. This also applies to receiving information about their leases.
There are no set lengths for lease renewal periods in Georgia. Technology makes it easier when the current agreement does run out. Send a digital reminder 60-90 days so they don't forget to renew. Provide a digital copy of the lease for them to easily e-sign instead of mailing a hard copy.
Improve Their Experience
Strive to make your property feel like a home. Start from the beginning by giving each new resident a move-in package.
Handle all your tenant's rental property maintenance requests quickly. Keep up with regular inspections for any issues. Consider a rental property upgrade such as repurposing rooms, improving the landscaping, or adding smart features.
Maintain open tenant communication and ask for regular feedback on their experience. Encourage them to talk to each other and foster a community by hosting events.
Offer Incentives
Lease renewals may not be a tenant's first thought if they've found a cheaper option in a better neighborhood. Offering incentives to make your property look better is one way to convince them to stay.
Options include:
- Holiday or birthday gifts
- Rental discounts
- Free apartment upgrades
Choose anything that you think will convince your tenants to renew their lease. What have they been asking for?
Watch The Rent
You may be tempted to increase the rent every time you renew a lease, but this isn't the best strategy. It could be the difference between losing or retaining a tenant.
A 3-5% increase won't be a problem in most cases, but anything above that could cause them to leave. You need to be especially careful if your rent is already above the market average in your area.
Explain the reasons behind the rental increases. Give a specific example of where the money will go, such as:
- Maintenance
- Taxes
- Insurance
- New amenities
You also need to consider how you collect rent. Set up clear expectations from the beginning and automate the process so that it's easy for your tenants.
Where Can I Get a Property Manager to Help With Lease Renewals?
Lease renewals and property profitability go hand in hand. Increase them by using technology, investing in renter experience, offering incentives, and watching rent amounts and collection methods. You can also pay lease renewal fees to a property manager to have them do these things for you.
PMI Georgia is an award-winning, full-service property management company. Our involvement with the Atlanta community lets us keep up with market trends. Our experience allows us to provide high-quality, personalized service. Contact us to reduce your vacancy rates and increase your rental income today.
