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Tips to Increase the Rate of Lease Renewals at Your Property

Tips to Increase the Rate of Lease Renewals at Your Property

Residents make your community, your community. Therefore, you want to retain your residents for as long as possible. When you manage or live in an apartment complex, it is frustrating when residents move out frequently. However, there are ways to increase your resident retention rate. Here's how to get your residents to renew their leases:

Always Address Maintenance Requests

There's nothing worse than being a resident and having an issue with your apartment. So, if you manage an apartment complex, you have to be on top of all of the maintenance requests that come your way. If someone has a clogged toilet, a broken garbage disposal, or a lock that isn't working properly, you've got to fix the issue as soon as possible. If you don't, you're at risk of losing your residents.

Create a Human Relationship with Your Residents

You want to create a personal relationship with your residents. Let them know that as the landlord, you're there to help. If your residents feel like they know you, they're less likely to want to move out. Plus, your residents are more likely to help you understand the issues within the community, if they trust you. This leads to a more positive living environment.

Ask About Renewals Early

Don't wait until the last second to remind your residents about renewing their lease. If you give them plenty of time to contemplate their decision, they'll feel less stressed about the decision. When residents feel frazzled, they might choose to back out of the lease, so give them time to think and help them understand the perks of renewing.

As a property manager, it's your responsibility to keep your residents happy and comfortable. Targa Real Estate believes that it's crucial to provide residents with the best experience possible. For more information, contact us.