Tips for Getting Tenants to Renew Their Leases Early

By Kaitlin Hurtado on October 31, 2019

Part of running a successful rental property is getting tenants to renew their leases and in most cases, the earlier a tenant renews, the better. The earlier you get your tenant to renew, the better the chances you have of keeping them on your property and not looking for housing elsewhere. There are plenty of things you can do to get your tenants to renew their leases earlier and why not take initiative to get ahead on the renewing process to make it easier on yourself and your tenants?

Check out these 3 things you can do to make getting your tenants to renew their leases early easier:

Photo: Pexels

Keep tenants satisfied 

While there’s plenty of active steps you can take to make sure your tenants renew their lease early, there’s plenty of preventative steps you can take during their lease to keep them happy with the property and more willing to renew early. Imagine having issues with your living space, filing complaints, having your concerns unheard, and then having to live with them. Would you renew a lease with that property? Most likely not – you might even look to get out of your lease early and find housing elsewhere if the unresolved issues are that bad. The same can apply with your tenants.

It’s never too early to make sure your tenants are satisfied. A good way to gauge how tenants feel with your property is to send out a simple survey that allows you to assess how they feel with their property. It shouldn’t be extensive or take up too much of their time that it is a complete inconvenience. It could be something as simple as “On a scale of 1 to 10, how satisfied are you with your rental property?” You can leave a space open for comments, asking them for specifics on what they are satisfied or dissatisfied with.

Keep up maintenance

Just as you would take pride in your rental property, you want your tenants to take pride in their home. Who wouldn’t want to feel proud of the place they call home? If you did have the chance to conduct a satisfaction survey with your tenants and found it successful, make the most of the feedback you were given. For example, if you saw that a common issue among tenants was the lack of property maintenance or issues with amenities, take action to solve those problems. The upfront cost of replacing in-house laundry units may seem like a big expense, but if it’s eliminating a large chunk of reasons that the tenants would be willing to leave the rental property, it is well worth the investment.

View other issues the same way, do not leave your tenants feel unheard. When it comes to resolving issues, the earlier the better. The more satisfied tenants feel with their living space and the more they trust that you will fix future issues in the same manner — they will feel more comfortable renewing their leases early.

Give them an incentive

It’s no secret that incentives work immensely for any process, so why not use them to your advantage when getting tenants to renew their leases early? Incentives can vary in degrees depending on how much you are willing to give to get tenants to renew their leases early. It can be something as small as offering up different gift cards to get them to renew leases early, or offering up savings on their monthly bills.

The latter can be a pretty pricey sacrifice on your end, but if the benefit of getting tenants to renew their leases is worth the money you are losing out by offering a temporary cut to rent, it may very well be worth it. Another thing you can do to incentivize renewing leases early is offering their full security deposit back to them. If you are asking them to renew the lease, you mostly know that they are treating your property right and that you trust them enough to do so again if they renew their lease for your property. Doing so will not cost you any money as it is wasn’t really your money to begin with.  If you do plan to use an incentive – advertise it! Make the most of the incentive by advertising it to your tenants – they can’t take advantage of an incentive if they do not know anything about it.

These steps may seem like no brainers, but with so many tenants and tasks in your daily schedule, renewing leases early may go very low on your list of priorities. It’s important to remember it is never too early to get your tenants to renew their leases. The ideal time to start? Move-in may seem too early, but you should always be striving to make your tenants’ experience living on your rental property excellent.

By Kaitlin Hurtado

Uloop Writer
UC Irvine
Hello! I'm Kaitlin, a fourth year Literary Journalism major at UC Irvine. I'm a writer on Uloop's national team and a campus editor for UCI.

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