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According to Rate.com, the rental vacancy rate in Charlotte, NC is 5.2%, which isn't bad. But if even 1% of that is in your properties, then things can get tough for you as a landlord.
The best way to keep those vacancy rates down is to work on your retention strategies. After all, if you make things extra appealing, your excellent renters will never want to leave.
Here are some lease renewal strategies you can use to retain valuable tenants in Charlotte.
Offer Competitive Lease Terms
The most effective leasing strategies always involve competitive rates, and retention is no exception. Of course, there's more to this than having the lowest prices in town.
You should keep rent increases reasonable and in line with the market. If you absolutely have to raise rent, then make it worth it for your tenants by making property improvements or adding more services.
Give your renters flexible lease terms so they don't feel trapped. For example, you can have month-to-month or short-term renewals.
Lastly, offer discounts or perks for early renewal, such as a month of free rent. This incentivizes tenants to renew ASAP instead of taking their time to weigh other options.
Enhance the Property
It's imperative that you maintain and upgrade your property. From renovating common areas and updating appliances, to investing in green upgrades, you can show you care about your renters' comfort and safety. Plus, these enhancements have the added benefit of increasing your property's value.
Understandably, it can be challenging to keep up with every request, which is why you should use a full-service property management company. The expert staff can handle all the small details and keep your tenants happy without much effort on your part.
Create Long-Term Relationships
LendingTree found that 25% of renters don't like their current landlord and 58% have had at least one they didn't like. If you can win a place in your tenants' hearts, then this will make a significant impact on retention.
Maintain open lines of communication to understand their needs and concerns. Then, take prompt action to address these things. This might involve things like allowing pets in your property or engaging with renters to make a group decision on choosing new amenities or property improvements.
If someone's done a lease agreement renewal several times already, then acknowledge it with special offers or gifts. They'll feel valued when you show that you appreciate their loyalty.
Try Out These Lease Renewal Strategies
Great tenants are hard to come by, so you should do your best to keep them around. If you use our lease renewal strategies, then you'll definitely increase the likelihood of that happening.
When you put the effort in to retain valuable renters, you'll find long-term stability and profitability for your rental property. Word will get around about what a great landlord you are, and you'll easily beat out your competition.
Contact us today if you need expert help with property management in Charlotte. PMI Charlotte Metro is a veteran-owned and operated business with over 20 years of experience.
