In early 2023, the rental vacancies in San Antonio, TX, were volatile but, in general, had a significantly higher rate than the national average of 5.8.%. This means that if you're a landlord, then you might be feeling financial pressure.
The best way to increase your income is to reduce your tenant turnover rate. And the best way to do so is to encourage lease renewals.
In this article, we'll give you useful tips to use in San Antonio so you can retain your fantastic renters and a steady stream of revenue.
Maintain Your Property
It's important to bump up your property's curb appeal to attract new tenants. However, you need to put in more effort than that.
Make sure that you keep up with maintenance by responding to requests in a timely fashion. You should also have regular inspections so you can catch small issues before they become larger and costlier.
Plus, you should upgrade amenities, especially if they're not in great shape and are outdated too.
Have Open Communication
One of the biggest things that keep renters happy is open communication. Invest in the landlord-tenant relationship by being transparent.
If your tenants contact you with concerns, questions, or requests, respond promptly. In addition, make yourself available through several channels, such as emails, texts, phone calls, and in-person meetings.
Offer Incentives
You can make a renewal offer irresistible by attaching incentives to it. For example, you can give people a discount on their monthly rent for the next year.
On top of that, having flexible lease terms helps too. If you currently only have year-long leases, adding shorter (such as month-to-month contracts) or longer ones (such as two+ year leases) can make staying put appealing.
Have Competitive Rates
In addition to incentives, you should focus on pricing your units competitively.
While rent prices in San Antonio increased over 15% in 2021 and 2022, 2023 showed a downward trend. So don't get greedy and raise rent unnecessarily.
If you only have a slight rent increase, keep prices the same, or even decrease rent rates, you're sure to retain current renters. Plus, you'll draw in tenants from your competitors for even more success.
Utilize Property Management Services
Satisfying the needs of your renters can be difficult to do, especially if you have multiple properties. You might find yourself with insurmountable stress, and your work-life balance can become terrible.
However, a property management company can make life much better. They can take care of your properties effectively by handling tenant relations, as well as property maintenance. This results in higher satisfaction amongst your residents.
Increase Your Lease Renewals With Our Tips
Lease renewals are the key to long-term success, so don't neglect your old tenants in favor of the new.
When you make an effort and show that you value your current renters, they'll notice and appreciate it. As a result, they'll be motivated to stay put on a long-term basis and will even recommend you to their social circles to bring in more business.
For quality property management, contact PMI San Antonio now. We'll give you a free rental analysis.
