Most leases in the U.S. are for 12 months, or one year. Although many tenants will be happy to renew their lease when the time comes, this isn't guaranteed.
If you want to ensure lease renewals, you should encourage your tenants to do so. More successful lease renewals will mean fewer headaches and will allow you to keep great tenants for longer.
Interested in lease renewal strategies? Here's how you can get tenants to sign renewal leases in Chattanooga, TN
Screen Tenants Well
To reduce tenant churn rate in your Chattanooga properties, take screening seriously in the first place. A great screening process will allow you to find quality tenants who will be the most likely to stick around for the long haul.
Be sure to perform background checks and interview tenants to ensure they'll be a good fit for your property and are reliable. Screening well will make it more likely that tenants will renew their leases when the time comes.
Send Reminders
If you want your tenants to renew their leases, remind them ahead of time. Send messages or speak to them in person to let them know that the time is coming up to renew and encourage them to do so.
Notifying them ahead of time will give them time to make their decision and think about their options. This may make them more likely to renew their lease.
Make Renewals Easy
Making the lease renewal process easy and straightforward can help make it more likely that a tenant will decide to renew. You may want to hire a property management company to handle tenant communication for you or to provide an online portal that allows tenants to renew and sign lease documents online.
By keeping renewals convenient, it'll be more likely that tenants will stay for longer.
Provide a Great Experience
A satisfied tenant will be more likely to renew their lease. Be sure that you're improving tenant relations by taking care of them and communicating well. Stay on top of all property maintenance that's needed.
Reducing your tenant's stress and being personable and friendly can help make them more likely to renew.
Add More Flexibility
Offering more flexible lease terms can also help sweeten the deal for a tenant and make them more likely to stick around. You may want to offer a combination of various lease lengths to tenants on renewal, such as:
- 12-month lease
- 24-month lease
- 6-month lease
Additionally, allowing pets can also help make a property more attractive to tenants and could encourage them to stay around for longer.
Getting More Lease Renewals in Chattanooga
To get more lease renewals in Chattanooga, consider using these strategies. Screen tenants well from the very beginning. Also, send reminders when it's time to renew and make the process as easy as possible.
If you need help managing tenants in Chattanooga, consider hiring PMI Scenic City. With years of experience and a focus on client satisfaction, we can help make your property a success.
Need lease management services in Chattanooga, TN? Get in touch with us today to learn more about what we offer.
