Did you know that North Carolina is one of the fastest-growing states in the nation? In fact, the state's population increased by nearly 4% since 2020.
There are many things to love about North Carolina. Residents rave about the economic opportunities, low taxes, and beautiful weather.
North Carolina towns like Hillsborough are benefiting from the influx of newcomers. Specifically, landlords have more demand for their rental units. Once you land new tenants, the key to being a successful landlord is retaining them.
Read on to learn how to maximize your lease renewals. Explore best practices for convincing your tenants to sign a lease extension.
Expeditious Maintenance
When an appliance breaks or the roof leaks, tenants want a quick fix. If they are left waiting for a long time, they may decide this rental unit is not right for them.
The best rental properties have efficient property maintenance services. Tenants can submit a maintenance request form online. They can expect a quick response and in-person inspection.
Once the property manager can confirm the issue, a repair or replacement is scheduled quickly. This attention to detail on the maintenance side is certain to satisfy your tenants.
Affordable Rent
Rental prices are up across the United States. Inflation is driving up the cost of wages, utilities, maintenance, and more. Also, the property owner's income does not go as far as it used to, so they will raise rates accordingly.
It is important to make sure that rent increases are fair and justifiable. If you raise rent too fast, you risk losing the tenant.
The best course of action is to raise rents using supportable data. This way, if the tenant questions the rent, you will have a defensible position. For example, you may want to use comparable rent increases near Hillsborough or an inflationary rate for housing.
Modernize the Property
Like a traditional homeowner, tenants enjoy living in a nice home. They appreciate renovations and modernizations to the property.
These updates can occur to both the interior and exterior. Modernizations increase property value and help justify rent increases. They also keep your tenants happy and make them more likely to sign a lease extension.
Positive Landlord-Tenant Relationship
A tenant is more likely to move out when they do not have a strong relationship with the landlord. In many cases, a toxic landlord-tenant relationship can be the primary reason a person moves on.
Both landlords and property managers should strive to form friendly relationships with their tenants. Showing kindness to your tenants goes a long way. Simple steps like asking about their family members or work can foster that positive relationship.
Your Guide to Lease Renewals
You now understand what it takes to convince tenants to stay. Tenant retention helps keep operating costs down and revenue flowing in. Steps like handling maintenance requests quickly and building positive relationships with tenants help the cause.
Gates Management and Realty has the experience and knowledge to help you retain your tenants. If you are looking for help with lease renewals, contact us today at Gates Management and Realty to speak with an expert.