Indianapolis, IN, is a haven for renters, considering this beautiful city's median rent is only $1,046. That's $200+ lower than the national average! So, it's easy to see why 45% of its residents are renters.
As an Indianapolis landlord, your priority must be to attract those renters to your property and keep them there. It's more cost-effective to renew the lease of the best tenants than to find new ones to replace them.
If you're unsure where to start, don't worry. We've shared our top lease renewal strategies, so read on.
Start With Comprehensive Tenant Screening
It's unlikely that you'd want to renew the lease of tenants who keep giving you stress and headaches by not paying rent on time. That's one of the most common legal reasons for evictions in Indiana.
You should also think twice about renewing the leases of renters who were repeatedly the subject of neighbor complaints. They're bad for business, and you might get complained about, too.
You're less likely to encounter those issues by hiring pros to conduct comprehensive tenant screening. With their skills, knowledge, and network, these rental property management experts will help you find highly qualified tenants. These are the renters you'd want to retain in the long run.
Create a Lease Renewal Incentive Program
One of the most effective lease renewal tips for encouraging tenants to stay is to offer an incentive program. Ensure you include the details in the new lease agreement and highlight its benefits to the tenant.
One idea is to offer a small rental discount or a gift card whenever tenants pay before their rental due date. Another is to reduce the amount of security deposit you charge.
You can also ask tenants if they want anything reasonably within your budget. For instance, they may just want a new intelligent thermostat or smart door locks. These affordable upgrades can improve tenant satisfaction and encourage them to stay longer.
Welcome Pets
Allowing pets in your rental is one of the most effective rental property owner strategies that can expand your tenant pool. After all, two in three American households have pets. Most consider their pets to be precious family members.
Letting pets in your rental also improves tenant retention. Pet-owning renters know it's difficult to find pet-friendly rentals. So, once they find one that welcomes their pets, they'll likely be more than happy to stay.
Even if your current tenants don't have pets yet, they might want one in the future. Your pet-friendly policies may then help them decide to renew their lease.
Follow These Lease Renewal Strategies
Screening tenants, offering incentives, and allowing pets are all effective lease renewal strategies. So, implement these tactics to help boost tenant retention and satisfaction.
Our team of experts at PMI Meridian Management can simplify the process for you. We offer full-service property management solutions catered to landlords in Indianapolis, IN. We specialize in tenant screening, rent collection, lease renewals, eviction protection, and more.
So, if you're ready to keep your properties filled with high-quality tenants, call us today. We'll happily throw in a free rental valuation, too!
