The rental vacancy rate in Kansas City is around 8%. That's below the historic average of 10-12%.
Low vacancy rates for landlords are almost like a high stock price for stock investors. It's a sign your investment will be profitable.
Keeping your property's vacancy rates low means encouraging your best tenants to renew their leases. Read on to learn the top three ways to encourage lease renewals in Kansas City.
1. Understand Tenant Needs and Wants
Rental property maintenance is one of a landlord's most important responsibilities. That also makes it key for lease renewals. Tenants will quickly move on if the property is run down or their maintenance requests are ignored.
Knowing what your tenants need is only half the battle. Maintain open tenant communication and seek feedback to find out what they want. Conduct surveys or have informal discussions.
Act on any requests they have. Even a new coat of paint can have a major impact on tenant satisfaction.
Enforcing the rules is essential, but allowing a bit of flexibility can improve lease renewals. Try offering incentives such as lower rental rates. You could also offer more flexible lease terms or consider allowing pets. These concessions could be the difference between them staying and going.
2. Create a Community
Hotels are a place to rest your head for the night, but a smart property owner makes their property much more than that. One of the best tenant retention tips is to create a sense of community in the property. The National Apartment Association found it came in fourth for tenant desires behind price, location, and convenience.
Let tenants get involved in the decision-making process. Don't throw away any property management advice they give you. Even voting on changes such as property improvements makes them feel like they have a say in the community. They'll feel like they've impacted it in some way.
Get feedback to find out the types of community events and shared spaces they'd want. They give residents a shared space to get to know each other.
3. Reach Out Early and Make Lease Renewals Easy
Start the lease renewal process as early as possible. It gives tenants enough time to consider all their options.
Use digital lease renewal strategies to make the process as easy as possible as well. An online portal is one of the best ways to do this. Reviewing and signing lease documents electronically is simpler than sorting through a pile of papers. It also gives tenants he freedom to renew wherever they want.
Where to Find Property Management for Kansas City Rentals
Encouraging lease renewals means listening to what your tenants want, creating a sense of community in the property, and making the renewal process as painless as possible.
PMI Destination Properties is a full-service real estate asset management company for Kansas City rentals. We use state-of-the-art technology to monitor your property at all times.
We're dedicated to providing prompt and professional service. Our experience lets us help you set the maximum rent each month and increase the value of your property over time. Contact us to grow your investment today.
