Many residents live in Gresham, Oregon, because it's more affordable than living in Portland while still remaining within commuting distance. Renters drawn to Gresham for its low prices may not stay if they find a cheaper option. For landlords, having short-term renters isn't ideal, as it costs time and money.
While most landlords know keeping good tenants long-term is wise, many don't fully grasp the methods to encourage lease renewal. So, what can you do to persuade tenants to renew their leases in Gresham, Oregon? Read on to learn some strategies for lease renewals.
Effective Communication
Effective and prompt communication is crucial for tenant retention. Many tenants feel landlords only care about collecting rent, neglecting property issues. Demonstrating your responsiveness as a landlord will encourage long-term tenancy.
Consider using property management software for maintenance requests, rent payments, and rental documentation.
Adding a personal touch, like visiting the property, can help establish rapport. Be cautious not to impose on tenants' privacy.
Some may appreciate regular visits, while others may view them as intrusive. Gauge your tenants' preferences and adjust your communication strategy accordingly.
The Price Needs to Be Right
A significant factor in tenant retention is, of course, offering fair rent pricing. This greatly influences your tenants' decision to stay or go. Property maintenance and property renovations won't matter if they can't afford the property.
Regularly conduct market research to determine the average rent in your area. Endeavor to offer the most competitive rental price you can manage. Tenants appreciate transparency about rental pricing and potential rent increases.
Most tenants understand rent increases are inevitable. They'll be more receptive if given adequate time to financially prepare. However, increasing rent with minimal notice breaks trust and can cause renters to consider other places to live.
Offer Incentives
Consider offering tenant incentives to encourage lease renewals For instance, discounted rent might persuade tenants to stay, benefiting both parties. It ensures property occupancy and saves the tenant money.
Discounted rent is a popular incentive, but other options exist. Offering residential services like professional cleaning, paid for by you, adds value for tenants. Small tokens of appreciation, especially during holidays, can also build goodwill and strengthen relationships.
Gather Feedback
An effective strategy for long-term tenant retention is taking tenant feedback seriously. Establish a feedback loop between you and your tenants to gauge satisfaction with their living situation and identify steps for improvement. Gathering feedback can be done through formal methods, like email or postal surveys, providing hard numbers to track satisfaction trends.
However, formality isn't always necessary. An informal chat with tenants can reveal their opinions and areas for improvement. If you have multiple tenants in one location, such as a large multi-unit building, consider organizing community events or social gatherings.
Secure More Lease Renewals
As a landlord, you've got the power to ensure lease renewals. Each tenant is unique, so gather feedback to optimize your lease renewal strategies. Focus on two main areas: tenant communication and financial incentives.
In short, if rent is too high, tenants will leave. So, price rentals competitively with the local market. At Kerr Properties Inc., we've helped landlords since the 80s. We know the local market and can help to ensure steady passive income from your rentals.
Contact us today and let's discuss managing your Gresham area property effectively.
