Do you know how much you could lose as a landlord if you need to find new tenants to replace those you've lost? If not, then know that landlords spend nearly $4,000 per resident in such situations.
Regardless of how much you charge for rent, $4,000 is a massive loss.
Fortunately, there are ways to prevent that and get your good tenants to agree to lease renewals instead. We've rounded up some strategies to help with tenant retention, so read on.
Small Rental Discounts
As of 2023, the median listing price for a one-bedroom unit in Hudson Valley, NY, was $1,333.
With those rates, every little discount can be helpful for tenants. And when renters find it easier to pay rent, they'll likely be happy to consider renewing their lease agreement.
So, why not offer small rental discounts? In exchange, you can ask tenants to do easy maintenance tasks around the property, such as simple lawn work or replacing HVAC filters. Alternatively, you can give them discounts if they pay their rent a few days before their rental due date.
Welcome Pets
In New York, 50% of households own pets. Over half consider their pets family members.
So, it's no wonder that where pet-owning folks go, so must their furry family members. The problem is that many rental properties don't have pet-friendly policies. As a result, many renters with pets find it challenging to secure housing.
You can help change that by welcoming pets into your rental property. Doing so can benefit you immediately since it can increase your tenant pool. Then, once your pet-owning tenants move in, they'll likely want to stay long-term as they know how hard it is to find pet-friendly housing.
Promptly Address Property Concerns
No one wants to live somewhere with roof leaks, mold, pests, and faulty plumbing, electrical, and HVAC systems. These problems are more than inconveniences; they can also be health and safety hazards.
For instance, faulty plumbing can attract molds and pests, which can then bring diseases. Defective electrical systems can cause fires.
If your rental property has those issues and you fail to fix them promptly, your tenants will likely feel frustrated. In the long run, such negative emotions could be enough to make them want to leave and move out.
Don't let that happen by addressing all your tenants' concerns quickly, especially those that may affect their health and safety. Respond to them immediately, if possible, within 24 hours of them notifying you of the problem. Then, let them know when you've scheduled professional property maintenance and repairs.
Keep Those Lease Renewals Coming
Offering small discounts, having a pet-friendly policy, and promptly addressing property concerns can help boost lease renewals. So, consider implementing them ASAP to make your tenants happy and stay longer.
PMI Hudson can take over if you want to start your tenant retention strategies but don't have time. Our full-service company will help you find and keep your best renters with our marketing, lease enforcement, rent collection, tenant communication, and property maintenance solutions. We're a proud member of PMI, a larger franchise that has delivered property management services in the U.S. for over 20 years.
So, call us today! We look forward to discussing what we can do for you and your Hudson Valley rental property.
