Des Moines' rental vacancy rate hit around 7% in 2022.
If you're a Des Moines landlord, you never want to be part of this kind of statistics. When you have rental vacancies, you're losing money. For that reason, it's important to encourage lease renewals for your best tenants.
In today's post, we'll tell you how to get tenants to renew leases. Great tenants are tough to come by, so you need to do everything you can to boost tenant satisfaction and hang on to your best ones. Keep reading and you'll see what you need to do to retain tenants.
Be Clear About Rental Property Rules
Good tenants appreciate clarity from their landlords. Everything you expect of your tenant should be clearly and concisely laid out in the lease agreement. As long as you stay true to what's written in the lease, your tenant will know what to expect from and of you.
You can even alter the rental agreement to suit certain tenants. If you have someone you want to hang on to, you can implement tenant-friendly rules, like a rental grace period or allow pets in the unit. Giving them more freedom will make them want to stay.
Make a Rental Property Upgrade
Investing in your rental property is a great way to ensure your tenants are always happy. Whether it's bringing in new appliances or installing new windows, an upgrade here and there will show your tenant that you're invested in their happiness and the quality of your rental unit.
Complacency is the enemy of tenant retention. Your tenants know how much they pay you each month. If you just leave your property as is for years, they'll develop a wandering eye and you'll lose them.
Take Rental Property Maintenance Seriously
It's even more important to take property maintenance seriously. Your tenant should never feel shy about making maintenance requests, and you should never wait to perform important bits of maintenance.
Your tenant shouldn't have to make all of the maintenance requests, either. There are regular bits of maintenance that you should stay on top of, such as gutter cleaning and HVAC maintenance. A good tenant will see you putting that effort in and be more likely to stay put in your rental.
Prioritize Tenant Communication
Make it easy for your tenants to reach you when they need to. The tenant-landlord relationship is built on solid communication, so make sure that they know you're always a call or text away.
You can even implement a tenant portal that makes it simpler for everyone to communicate. Here, your tenants will be able to make maintenance requests, pay rent, and raise any other concerns they might have. You'll be able to check the portal and know that you're not missing anything.
Lease Renewals and Property Management
Lease renewals are essential for maintaining your bottom line as a landlord. If you don't stay on top of your landlord duties, your tenants will find a landlord who can. That's why hiring property management is essential for many of Des Moines' landlords.
At PMI Central Iowa, we can help you manage your property and tenants with comprehensive property management services. Contact us today to learn what we do and how we can help your investment thrive.
