Compared to 6.3% of homes nationally, Baltimore has a 12.8% rental vacancy rate. Your vacant properties could cost you thousands in potential earnings each month. Before that happens, learn how to encourage a rental agreement renewal.
With these four tips, you can generate more lease renewals in Baltimore. Retaining the amazing renters you already have can boost your earning potential! Apply these lease renewal strategies today.
1. Communicate With Renters
Your existing renters won't renew their leases if they think you're a neglectful landlord. Engage your tenants the moment they move in. Let them know they can reach out with any questions or concerns.
To consolidate communications, use an online tenant portal. You can avoid stretching yourself thin over texts, emails, and calls.
Make sure to respond to tenants promptly. The longer they have to wait, the more frustrated they'll become. They may decide to move out when their lease ends in search of a helpful landlord.
Regularly ask your tenants for feedback. For example, where can you improve? Ask how you can provide a better living experience to meet their expectations.
Applying their recommendations can improve tenant satisfaction rates. Your renters will want to stay, knowing you care about their needs.
Don't forget to send renters a 90-day notice before their lease ends. Outline the details of their new lease, including the new rental rate.
Remain flexible to meet each renter's unique needs. Some may ask for a tenant lease extension. Others may ask for a monthly, annual, or two-year lease.
2. Prioritize Maintenance
Failing to complete maintenance promptly can lead to upset renters. They may take legal action, move out, or withhold rent.
Allow renters to send maintenance requests through their online portal. Otherwise, schedule routine inspections. Maintain the property to provide renters with a great place to live.
3. Offer Incentives and Upgrades
Encourage renters to renew their leases by offering appealing incentives. These include gift cards, rent discounts, or property upgrades.
Choose upgrades that will improve the property's value and make it more appealing to future renters. For example:
- New floors
- Backsplash
- Smart home technology
- Fresh interior/exterior paint
- New light fixtures
- New kitchen appliances
Don't forget to consider the feedback you receive from your renters. They can help you choose the upgrades they actually want.
4. Consider Landlord Lease Management
You don't have to apply these lease renewal strategies alone. Instead, partner with an experienced property management company. Rely on their lease negotiation tips to ensure your success.
A full-service property management company can respond to your tenants' needs when you're unavailable. This can lead to higher tenant satisfaction rates. Your renters may decide to stay knowing they have someone they can depend on.
A property manager can also screen future applicants. This can help you find renters worth retaining.
Grow From Lease Renewals in Baltimore
Generating more lease renewals will improve your occupancy rate and earning potential. Apply these tips to keep great renters. Otherwise, talk to an experienced Baltimore property manager.
Our team at PMI Bmore Metro is part of a fast-growing franchise. We've been perfecting the property management industry for nearly 20 years.
Trust our award-winning strategies, state-of-the-art technology, and commitment to adding value to your properties. Contact us today for a free rental analysis.
