The rental vacancy rate in Ada and Canyon County is only 1%. With fewer vacant, available properties, more tenants are considering lease renewals. However, you could scare them away if you intend to set a high rent increase.
Instead, use these tips to generate more renewals. Keeping quality tenants will boost your ROI and help you avoid the stress of vacancies. Start strategizing today!
Set Rental Property Rules
Establish your rental property rules before accepting tenants. Your rules will help you find tenants you can trust with your rental property. You'll want to retain these tenants long-term.
Develop a tenant screening process or outsource. Screening applicants will help you avoid renters who may:
- Disrupt neighbors
- Disrespect your rules
- Neglect to pay rent on time
- Damage the property
- Sublet the property
Your tenant screening process should include eviction histories, credit checks, and criminal background checks. An experienced property management company can handle this process for you. They'll ensure the reports don't include any inaccurate information.
Your property managers can enforce your rental property rules. At the same time, they'll ensure you comply with anti-discrimination laws and the Fair Housing Act. Otherwise, you could encounter legal trouble.
Prioritize Tenant Communication
Let your tenants know they can reach you with questions or requests. Prioritizing tenant communication will foster better tenant-landlord relations. Communication can help you avoid misunderstandings and disputes.
Keeping your tenants happy could encourage them to renew their lease. They'll want to keep you as their landlord.
Use an online tenant portal to streamline communications. Tenants will appreciate the ease and convenience. If they struggle to reach you, they could get frustrated.
Complete Rental Property Maintenance
Neglecting to complete rental property maintenance could frustrate your tenants. They may decide to take legal action. Instead, outsource your maintenance tasks to a property management company.
The best Boise property managers already have local connections with reliable vendors. They'll help you save money by gathering competitive bids.
Allow tenants to submit their maintenance requests through their tenant portal. You can track the progress of these projects from the portal.
Offer a Rental Property Upgrade
Incentivize tenants to stay by offering a rental property upgrade. Choose upgrades that will boost the property value. If tenants decide not to stay, you'll have an easier time attracting new renters.
These upgrades may include:
- New kitchen appliances
- Energy efficient windows
- A doggie daycare
- A fresh coat of paint
- New carpets
- Free cleaning services
You can incentivize renters with a discount off one month's rent. Talk to them! Ask them what they need to show them you care about their living experiences.
Increase Your Boise Lease Renewals
Generating more lease renewals will boost your occupancy rate and your ROI. Otherwise, your beautiful investment properties could sit vacant. Use these tips to generate more renewals today.
Remember, you don't have to apply these strategies alone. Your Boise property managers can streamline the process.
Wave Property Management has 51 years of combined experience improving occupancy rates by 96%. We can help you unleash the potential of your real estate portfolio so you can ride the wave of success.
You don't pay us until we show results. Stress less, earn more, and get your time back. Contact us today for help generating lease renewals.
