Currently, there's a housing shortage in New York City; the city has a vacancy rate of just 3%. You'd think that since housing is in such high demand, it'd be easy to keep tenants in your property.
However, those with more disposable income will move away if they don't find their residences acceptable. And this can hurt your income if you don't make efforts to keep your best renters.
Want to be proactive? Then read on to find effective lease renewal strategies you can employ to retain valuable tenants in New York City.
Have Fair Rent and Lease Terms
Yes, there's a low vacancy rate in NYC, which means some people are desperate to find housing. However, if you take advantage of that need and price gouge people, they won't be happy.
Keep your rent increases reasonable and within the bounds of rent control laws, if applicable. Renters will also be happy with flexible lease terms, such as longer leases, as this will provide stability. So consider introducing these if you haven't already.
Take Care of Issues Fast
People are willing to pay more if it means they're staying somewhere amazing. This is only possible if the landlord maintains the property and responds to maintenance requests promptly.
Be firm about disputes between tenants too. Use fair judgment, and don't play favorites.
Keep Your Property Well-Maintained
In a tough rental market, you need to have a long-term strategy to attract and keep high-quality tenants. One way to do this is to keep up with property maintenance and management. Ensure that your property is clean at all times as well.
Conducting regular inspections of common areas (such as hallways, lobbies, and laundry facilities) is effective too. This enables you to maintain them accordingly.
Show Tenant Appreciation
Often, tenants hate their landlords. Demonstrate that not all landlords are bad by showing appreciation toward them.
For example, you can give them small gifts, holiday cards, or even discounted rent renewals. Hosting tenant events and community-building activities can earn you points in their books too.
Utilize Property Management Services
There's no doubt that property management is challenging, especially if you're handling it yourself. But with the helping hand of full-service management services, you'll breathe easy.
If a renter needs a lease extension, we'll take care of the lease renewal agreement. In addition to lease contract services, we can also perform property marketing, tenant screening, rent collection, and more.
Try These Lease Renewal Strategies
Having clear lease renewal strategies can make a difference in tenant retention. When your renters see that you're making an active effort to accommodate them, they'll be more than willing to stay. After all, moving is a huge ordeal, and if they feel at home and comfortable in your property, tenants will extend their leases.
But leave these tasks to the professionals, as they'll be better and more efficient. Plus, you'll be less stressed.
Get in touch with us today if you'd like the assistance of a property management company. You'll benefit from PMI Paramount's 20 years of experience.
