How to Retain Happy Tenants:
Renewing a happy tenant has a lot of potential to be a win-win situation for both the tenant themselves, and the property where he or she is living:
- Does not have to incur additional expenses involved with moving
- Does not need to restart the “apartment hunt”
- No interruptions to routine or unintended consequences
- Does not need to incur additional expenses to turn/renovate the unit
- No need to spend time searching for a new tenant to fill upcoming vacancy
- Retention of a rent-paying, happy tenant on the property!
According to Rent.com, tenants who decide NOT to renew their lease can spend up to 60 days searching for a new community (Rent Editorial Team, 2018). This means that if you are a tenant considering moving out and have also waited to make that decision until receiving your 60-Day Notice to Vacate, you have likely waited too long.
A recent Avail.com survey reported that finding a new tenant or, losing a renewal, could cost as much as $2,500 per vacancy (Manolas, 2019). Avail provides the following helpful tips to encourage happy tenants to sign their renewals:
- Speak with the tenant sooner, rather than later – Avail recommends beginning renewal conversations with tenants as early as 90 days in advance.
- Maintain a relationship with all tenants, current and past – Arguably the number one tool a Manager can use to encourage a renewal is their level of service. Treating everyone with courtesy and respect can go a long way when these conversations begin to take place.
- Make the renewal process as easy as possible – Overcomplicating the process can lead to unintended frustration. Avail recommends an online process where terms can be changed if needed, adjusting lease dates, and sending to the tenant for signature.
“How Long Does it Take to Find an Apartment?” www.Rent.com, 6 Dec. 2018, www.rent.com/blog/how-long-find-an-apartment/
Manolas, Kasia. “Lease Renewals: Are You Going to Lose Your Best Tenants This Year?” www.avail.com/education, 27 Aug. 2019, www.avail.co/education/articles/lease-renewals-are-you-going-to-lose-your-best-tenants-this-year