Portland is often ranked as one of the best cities to live in the USA, and this presents many opportunities for property owners.
But one of the biggest challenges you'll face as a property owner is getting your tenants to renew their lease. You don't want too many gaps between tenants and the easiest solution is to renew a lease with a tenant whom you like.
So how do you ensure lease renewals? This quick guide will show you the best way to keep your favorite rental tenants.
Here's what we suggest:
1. Be a Great Landlord
This should go without saying but you have to work toward cultivating a great relationship with your tenants. If you have a great property but your tenants aren't comfortable around you, expect them to pack their bags sooner rather than later.
As a great landlord, you have to communicate often with your tenants. Don't become intrusive, but they should feel they can reach out to you at a moment's notice.
A tenant will prefer to stay long-term with you than in a "better" apartment or house that has a miserable landlord to deal with.
2. Set Rules and Regulations Upfront
Before your potential tenants move in and sign a lease, they should know everything they're getting into.
Any rule or regulation shouldn't come as a surprise to them or they'll move out as soon as they can.
Here are some things you should let them know about in advance:
- Can they sublet the property?
- Are they allowed guests? Are they allowed to throw parties?
- They should know the building rules
- Who pays for damages to the apartment?
- Who pays if any appliances need repair or replacement?
- Can the tenants bring in their own furniture?
- Can they change the internet service provider?
When showing your potential tenants your property, they should have all their questions answered in one go. Take the time to address their questions and concerns.
3. Offer Benefits and Incentives
Another great way to ensure lease renewals is to offer benefits and incentives to your rental tenants.
For example, your tenant might want to sign a lease for 6 months. You can offer them a monthly rental discount if they sign up for 12 months.
Another option is to throw one amenity or bill for free. For example, if your tenants work online, offer to pay their internet bill for them or pay part of it. These benefits and incentives are a great way to keep them staying in your property as long as they can.
Get Your Lease Renewals
Now you know the best methods to ensure lease renewals for your properties in Portland.
Your first step is to be a great landlord. You want to work hard to ensure you and your rental tenants have a great relationship.
You also want to let them know the rules and regulations beforehand. If these come as a surprise, you can expect them to leave as soon as possible. Finally, be sure to offer benefits and incentives that'll keep your rental tenants renewing their lease for as long as possible.
If you need help renting out your property, we'd be glad to help you. Be sure to contact us today!