Tips For Lowering Vacancy Rates And Increasing Renewals
Vacancies are something that no landlord looks forward to because they mean that one of their properties is unoccupied and not producing income.
Thankfully, it’s easier than ever before for Oregon landlords to lower vacancy rates and increase their renewals by following these simple tips.
Tip #1 – Make The Landlord-Tenant Relationship A Priority
Let’s face it, landlords and tenants need each other because the landlord needs to have an occupied rental property while the tenant needs a place to live.
This is why the landlord and tenant should prioritize their relationship with the tenant and make a point of having a presence in their tenant’s life so that they know that the landlord doesn’t view them as more than a source of revenue.
Some of the things that landlords can do to improve their relationship with their tenants include:
- Provide the tenant with multiple ways to reach the landlord.
- Respond to tenant complaints or maintenance issues immediately.
- Keep promises to the tenant.
- Remembering the tenants’ birthdays and having a least one special event per year to interact with the tenants.
Tip #2 – Stay Open To Feedback
Most tenants hate moving, especially after they’ve found a rental property that seemingly offers them everything they’ve been searching for.
Some tenants will think about moving if they feel that the landlord isn’t receptive to their feedback, especially when it concerns things that can be done to improve the rental property.
Landlords should always encourage feedback and let their tenants know that they are listening, especially if the tenant offers feedback for things that can be done to help the tenant to have a more enjoyable experience while living at the property.
Tip #3 – Offer The Tenant Renewal Incentives
Last of all, but most important, landlords shouldn’t hesitate to offer renewal incentives to their tenants, especially if those incentives may lead some tenants to renew their leases a month or two early.
Some of the renewal incentives that landlords should consider offering include gift cards, cash, parking benefits, discounts on their rent, or possibly a new television.
These are just a few practical ideas that landlords can utilize to increase renewal rates and keep good tenants for years to come.
Contact Rent Portland Homes – Professionals
At Rent Portland Homes – Professionals, we specialize in managing single-family and multifamily properties across the Beaverton area.
If you need property management for your rental properties, or you’re searching for a more experienced property manager, who will offer you the level of service that your rental deserves, we encourage you to contact us today.
Call our property management team at (503) 447-7735 or click here to connect with us online.