The rental vacancy rate in Boston, MA continues to decline as production for new properties lags. You can take advantage of this by generating more lease renewals. Keeping tenants you know and trust will save you time, money, and stress.
You won't have to worry about vacant units stealing money from your accounts. Not sure how to improve your tenant retention rate? Read on for the tips you need to encourage more renewals!
Outline Rental Property Rules
Thoroughly screen applicants before selecting renters. A tenant screening process should include:
- Criminal background checks
- Credit checks
- Employment verification
- Eviction histories
- References
Vetting applicants will ensure you choose trustworthy renters. You won't have to worry about individuals damaging your property or paying late.
Before renters move in, outline your rental property rules. This will help you avoid miscommunication later. Renters will have a better understanding of your expectations.
For example, is rent due on the first of every month? Consider offering a rental payment grace period. Allowing tenants to pay by the fourth will show them you're empathetic and patient.
Remaining flexible can help you stand out from other landlords in Boston. Tenants may be more inclined to renew if they like you as a landlord.
Offer a Rental Property Upgrade
Enhance each tenant's living experience by modernizing your properties and business practices. Consider offering renters access to an online tenant portal. They can pay rent and submit maintenance requests with ease.
Add smart home technology to your properties, including:
- Keyless entry locks
- Learning thermostats
- Smart speakers
A rental property upgrade will show tenants you care. You can increase the likelihood they'll remain another year.
Complete Rental Property Maintenance
Neglecting ongoing maintenance can lead to more expensive repairs later. Schedule regular inspections. Keep up with the property to offer tenants better living experiences.
Delayed rental property maintenance could frustrate your renters. They'll move to find a better place to live.
Streamline Tenant Communication
Foster stronger landlord-tenant relations. Answer tenant inquiries promptly and professionally. They'll begin to rely on you as a helpful resource.
Send tenants a 90-day notice when their lease is about to end. Don't hike up the rental rates. A huge increase could scare away renters.
Instead, remain willing to negotiate. About a quarter of renters successfully negotiate lease renewals. Find a compromise that works for your renters and your bottom line.
Hire a Property Management Company
Instead of applying these strategies alone, hire a property management company. A property manager can:
- Market vacant listings
- Screen applicants
- Schedule inspections and maintenance
- Onboard new tenants
- Enforce your rental property rules
With their help, you can offer better tenant experiences and keep up with your properties. They'll improve tenant satisfaction rates, leading to more renewals.
Increase Lease Renewals in Boston
Generating more lease renewals will maximize your occupancy rate and earning potential. Use these effective strategies to encourage renters to stay. Otherwise, talk to your local property manager.
Our team of property managers at PMI Bay State has 20 years of local experience. We use proven strategies and award-winning services to support our clients.
Maximize your earning potential. Contact us today to generate more renewals.
