The rental vacancy rate in the US has increased to over 6%! Without a strategy for lease renewals, your properties could remain vacant. The longer they remain vacant, the more money you'll lose.
If you're struggling to increase renewals in Miami, FL, you need to use these tips. As more tenants renew their leases, you'll avoid vacancy costs and problematic renters. Boost renewals today!
Virtualize and automate as much of the leasing process as possible. Tenants will appreciate the ease and convenience.
Use property management software to:
- Reduce errors
- Track customer info
- Note move-in/out dates
Add rental property rules to your leasing documents. These rules will help tenants recognize your expectations. You'll have an easier time avoiding miscommunication or conflicts.
Use your property management software to improve tenant communications. Ongoing communication will foster stronger landlord-tenant relationships. Your tenants will recognize that you care about their needs.
If tenants struggle to contact you or express concerns, they may decide not to renew their lease.
Give renters a 90-day notice when their lease is about to lapse. They'll appreciate having time to review their options. You'll also have time to market, screen, and find new tenants if necessary.
A Rental Property Upgrade
Today's renters are tech-savvy. Look for ways to modernize systems and provide renters with better experiences.
For example, you can allow tenants to pay their rent online. You can also offer multiple tenant communication options.
Add value to your properties by choosing a rental property upgrade. For example:
- New kitchen appliances
- Energy-efficient upgrades
- Smart home devices
- Learning thermostats
- Keyless entry locks
Offering a property upgrade will show renters you care about their living experience. They'll want to stay, leading to more lease renewals.
Your property could become a more desirable place to live for other Miami, FL renters. Before choosing a rental property upgrade, research trends to boost the property value. Choose an upgrade that will give you a competitive advantage.
When applicants compare your property to others, they'll recognize that you offer what no one else does!
Rental Property Maintenance
Renters in Florida have the right to repairs for issues that could affect their safety or health. After receiving a written notice, landlords have seven days to fix the issue. Otherwise, tenants have the right to terminate their rental agreement.
Don't hesitate to complete rental property maintenance requests as soon as possible. Have a list of reliable, experienced contractors in Miami you can call. You won't have to waste time vetting vendors.
Gather feedback from tenants to determine what they're looking for in your property. Consider offering incentives to encourage them to stay. For example, you can cover a month of their rent.
Gain Lease Renewals in Miami
Don't let rising vacancies steal money from your accounts. Instead, use these tips to increase lease renewals in Miami. With these tips, you can keep your favorite tenants for years.
You don't have to manage your properties alone. PMI Miami Dade is a full-service property management company. We can help maximize your revenue by increasing lease renewals.
Contact us today to discover how we can help you achieve your personal and professional goals!