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Do you own rental property in Fort Lauderdale, FL? If so, you know that the Sunshine State is a great place to live, work, and play! From access to world-class beaches to great shopping and dining, there's something for everyone.
That's why you might be surprised to discover your current tenants are on the fence about renewing their lease.
If you have a good relationship with them and want them to stay, it's worth trying a few tactics to secure the lease renewals you need. Today, we're sharing three steps to take!
1. Don't Surprise With Sky-High Rent
One of the biggest reasons why tenants leave a property is that the rental price suddenly skyrockets. If you want to maintain yours, stick with a reasonable rent increase, if you adjust the pricing at all.
Two of the reasons you might be thinking about raising your monthly rate include:
- You're paying more in building expenses (e.g. taxes, insurance, general maintenance)
- You're planning to add new amenities (e.g. bigger patio, upgraded kitchen)
Normally, a 3% to 5% jump won't cause too much concern. If you do decide to change your rate, be sure to share this information up-front. Be clear about why the changes are occurring, and what your tenants can expect in return.
2. Make It Easy
If the renewal process is a time-consuming pain, your tenants might think that moving is easier.
Give them plenty of time to understand the terms and conditions by drafting a thorough lease renewal letter. Allow 60 to 90 days for them to read it and think it over before approaching them about their decision. Be willing to meet with them in person and answer any questions they may have.
The more accessible and helpful you can be during this process, the greater your odds of retention will be. Prioritize open and honest communication and be as transparent as possible.
3. Add Perks
Any time you want someone to stay with you, it never hurts to throw in a few incentives! Some of the things you can throw in to sweeten the deal include:
- One free month of rent or a discount on your current rate
- Gift cards to local eateries and establishments
- Complimentary property upgrades (e.g. fresh living room paint, new bathroom fixtures)
It also helps to complete property maintenance activities that have been on your to-do list. The more attractive and beneficial you can make your Fort Lauderdale property seem, the more your tenants should want to stay. Now is the perfect time for sprucing up landscaping and helping the place shine!
Secure the Lease Renewals You Need
Nothing improves a rental property like high-quality, reliable tenants. If you have a few that you'd like to retain from one year to the next, it's important to approach lease renewals strategically.
While these tips can help you get there, we're here to optimize every part of the property management experience. When you trust your Fort Lauderdale property to our team, we'll cover all aspects, from marketing and tenant screening to accounting and inspections.
Contact us to learn more about our services today!