For years, the residential rental market has been as tight as can be, thanks to high interest rates and ballooning home prices.
Now, the increasing rental vacancy rate in Utah is a red flag for complacent landlords who've become accustomed to high demand for their properties. As a Layton, UT, landlord, you can't assume your tenants will remain in place at the end of their leasing cycle anymore.
Start working on lease renewals for your investment properties right away, so your rental home doesn't end up on the wrong side of the statistics.
Read on for our best tips on how to get your tenants to sign up for another lease agreement.
Be Proactive About Lease Renewals
Tenants always have their next move in mind when renting a property. They might be keeping a lookout for a cheaper, bigger, or better-located property throughout their stay.
It's up to you to come up with reasons for them to stay once they've proven themselves as good tenants. For starters, you should consider increasing your rent by as little as possible and letting them know about it as soon as you can.
Most landlords offer lease renewals around 60 days ahead of their lease expiration date. Make your intention to renew tenant leases known a lot sooner.
Offering a lease extension early on can dissuade your tenants from shopping around.
Be a Great Landlord
Few renters want to face the uncertainties associated with moving to a new home. Treat your tenants well, so they don't want to leave.
Clear and open tenant communication is one way to make tenants feel valued.
Let them know you're willing to hear their suggestions. Give them plenty of notice regarding property inspections and routine maintenance, and allow them grace with their rent payments during hard times.
An online tenant portal is an excellent way to streamline communications and manage property repairs and maintenance.
Stay Up-to-Date With Property Maintenance
Effective rental property maintenance helps preserve the value of your investment. It also helps you meet your legal obligations under the implied warranty of habitability.
Respond to emergency repair requests promptly, and attend to routine and seasonal maintenance regularly. Routine property inspections are an excellent way to keep track of necessary maintenance.
You can also use these visits as an opportunity to build positive relationships with your tenants.
Offer Lease Renewal Incentives
Tenant incentives go a long way toward encouraging lease renewals. You should consider offering your tenants a token of thanks in exchange for extending their lease.
Some ideas include undertaking a desirable property upgrade or offering a small gift like a free meal or an annual gym membership.
Hire a Property Manager
Property managers are well-versed in the best ways to keep tenants happy and encourage lease renewals. They have the experience to manage maintenance issues effectively and build positive relationships.
PMI Home Team is your first choice for property management in Layton, UT. We are backed by over 20 years of experience in Utah real estate and offer a comprehensive range of services.
Discover the easy way to encourage lease renewals and maximize your investment property today.
