Both population and average income are on the rise in St. Paul, MN, so you should have no problem finding and keeping your tenants, right? If that's the case, why are you struggling with vacancies? What's happening to all of your tenants?
There are many reasons that a tenant may want to move, but if they're staying in the area and not buying homes, the problem may be with you or your property.
We're here to offer a few suggestions that may help you get more lease renewals. Read on to learn more.
Ask for Feedback
If you've genuinely been struggling with lease renewals, even from some of your best tenants, it's a good idea to ask for feedback from your tenants. An anonymous feedback form (or a non-anonymous one with some kind of incentive attached) can help you determine what the problem is.
You can leave the request open-ended or have tenants rate and comment on their experiences with things like the rental property rules, rental property maintenance, and more.
You may gain some valuable insights from this.
Too many landlords make the mistake of waiting until the last minute to try to get those valuable lease renewals. Don't do this! Tenant communication is key, and early communication may encourage tenants to stick around.
When you communicate early (with incentives or an openness to negotiation), tenants have more time to think about what they're going to do. This will benefit both of you.
Keep tenants in the loop.
Too many landlords don't want to offer their tenants incentives to stay. Remember that good tenants likely have many other options. Give them a reason to stay with you.
So what do those incentives look like? It depends.
Many landlords go the route of offering gift cards or other small gifts to tenants who choose to stay. This is a small and thoughtful gift.
You can also offer a service, such as re-painting or hiring a professional cleaner. This will freshen up the space for your tenants and help you maintain the value of your property when they eventually move out. It's a win-win!
Consider Rent Increases Carefully
In some cases, raising rent is inevitable. However, remember that one of the top reasons tenants move is because they can no longer afford rent. Don't price your favorite tenants out.
If you must raise the rent, make sure it's reasonable. Look at other local rentals and see how much they cost. If a tenant can find another home that offers the same amenities for a lower price, they'll move.
You may think that you're reducing your potential profits, but a good tenant is priceless.
Try These Tips for Lease Renewals
The more lease renewals you can get, the less you have to deal with pesky and expensive vacancies. If you've been struggling with those renewals, try putting these suggestions into practice. You may find that more of your tenants are happy to stick around.
If you're a landlord in the Minneapolis or St. Paul area who's in need of some help, 33rd Company Property Management is here for you. From tenant retention to property maintenance, we can help with it all.
Reach out to our team to discuss your property management needs today!