Lease renewals are an important goal for property managers – provided you have a tenant that you want to keep. Renewing tenants’ leases brings many benefits, not the least of which is that you are retaining quality residents who pay their rent on time, take good care of your property, and are agreeable to work with when it comes to maintenance.
In addition, lease renewals prevent long periods of vacancy, which can add stress and financial difficulty to the tenant vetting process. Once you find a tenant you like, it is important to hang on to them, entice them to stay and continue to add value to your property. One of the biggest ways you can keep good tenants happy is through ongoing exterior and interior maintenance.
Why Renew a Long-Term Lease?
As you know, turnover in a rental property is costly in many different ways. On top of the lost income due to tenant vacancy or non-paying tenants, the repair costs every time you turn over a tenant can be very high. This is why you should do everything you can to keep good tenants on for as long as possible. Renewing a long-term lease:
- Eliminates the time, expense, and hassle of locating and vetting a new tenant.
- Keeps vacancy costs down and gross rental income up so you can maximize rental property performance.
- Avoids the risk of renting a unit to a bad tenant, no matter how good your screening process is.
- Allows you to increase the monthly rent while avoiding marketing and vacancy expenses.
- Reduces time spent on acclimating a new tenant to the rules of the property.
Proper Maintenance is the Key
Of course, rental property maintenance requires diligence on your part all the year through. It’s not cheap, but neither is having to invest in new tenants every year because your last ones were unsatisfied with their experience. As a landlord, you can avoid the typical pain points that come with maintenance if you stay organized, sign up for regular maintenance schedules, and budget accordingly.
Some maintenance issues, such as leaky faucets, happen at the spur of the moment and can’t be anticipated. But other, larger issues can certainly be addressed sooner rather than later to avoid bigger problems and bills later, simply by following regular maintenance schedules.
It’s important to note that regular maintenance is not just about saving yourself costly repairs or hassles down the line; it’s more about creating a comfortable living environment for your tenants. When they are happy, they will want to stay. When they want to stay, they are more inclined to sign a lease renewal and even agree to pay more per month for the privilege.
Contact Allstar Construction and Maintenance
Allstar Construction and Maintenance is an experienced contractor trusted by HOA and multi-family property owners all over the Twin Cities. Sign up for a regular exterior maintenance program to boost your lease renewals and your bottom line. To learn more, contact us today at (952) 234-9995.