How many of your beautiful Putnam, CT properties sit vacant, draining thousands of dollars from your account each month? The rental vacancy rate in the US is already over 6%. Without a plan, your current renters could leave, further increasing your vacancy rate.
Instead, use these tips to encourage lease renewals in Putnam. With these strategies, you can increase your occupancy rate and avoid the stress of empty properties!
Set Rental Property Rules
Before applying the rest of these tips, develop a tenant screening process. Screening applicants will ensure you choose trustworthy renters. You'll want to retain these renters beyond one leasing cycle.
Choose renters who don't have a history of evictions or damaging properties. Charge a security deposit to mitigate risk. Confirm that they can pay rent on time.
Establishing rental property rules the moment new renters move in. Outlining your expectations can help you avoid stressful situations. If you need help enforcing these rules, hire a property manager.
Prioritize Rental Property Maintenance
Your renters may start submitting tenant complaints if you neglect to complete rental property maintenance projects. Instead of renewing their leases, they may decide to take legal action. Before that happens, create a list of reliable contractors in Putnam.
Your property manager can handle this process. They already have professional connections with local vendors. They'll request competitive bids to ensure you choose high-quality services at the best possible prices.
Keeping up with maintenance will ensure you protect your investment properties. Tenants will be happier if you're providing them with a beautiful place to live.
Consider Tenant Complaints
When tenants first move in, provide them with multiple ways to reach you. Consider using an online tenant portal to streamline:
- Inquiries
- Maintenance requests
- Document sharing
- Rent payments
You can avoid missing messages and respond promptly when tenants need help. Review their complaints and start making changes to how you operate. Their suggestions can lead to better living experiences.
Offer Tenant Incentives
Use the feedback you receive from your tenants to start offering incentives and upgrades. Incentives include:
- Cash gifts
- Gift cards
- Free Wi-Fi
Upgrades can include new kitchen appliances, energy-efficient windows, new floors, or a fresh coat of paint. Choose upgrades that will enhance your property values. If renters decide to leave, these upgrades could attract new tenants.
Provide a Rental Payment Grace Period
Not every tenant can pay rent on the first of the month. Offer a rental payment grace period. Instead of asking for rent on the first, allow tenants to pay by the fourth.
A grace period will show them you care about their situation. Tenants will see you're patient and understanding.
Hire a Property Manager
Consider hiring a property management company. A full-service company can handle:
- Rent collection
- Maintenance and inspections
- Tenant screening
- Marketing
- Evictions
These services can help you keep tenants happy. Happy renters are more likely to renew.
Boost Lease Renewals in Putnam, CT
Generating lease renewals can boost your occupancy rate and ROI. Use these effective strategies to encourage renters to stay. Otherwise, partner with an experienced property management company.
PMI Putnam has 20 years of experience helping owners maximize their profitability. We'll use proven strategies and state-of-the-art technology to ensure your success. Contact us for help generating more renewals!
