Although finding a new tenant in this landlord-friendly rental market may not be difficult but it is still more cost effective to retain a good tenant in most situations. Finding a new tenant can be a costly, time consuming process as placing the tenant after the old tenant moves out could involve deep-cleaning and repairing the unit, posting listings in multiple locations, holding showings and other time- and money-consuming events. Add finally the fact is that no tenant means no income!
When it comes to renewing your tenants lease, contact tenants in advance before the lease expires to get a sense of their future plans. If you initiate the conversation early on, you’ll have a better chance of negotiating a renewal from tenants who may be on the fence about whether to leave or stay. Consider offering a small incentive to tenants who choose to renew their leases. Some landlords offer a week or two of free rent off the 1st month of the new term or a $100 off the 1st month of the term. Others offer upgrades such as new carpet, better appliances, or other needed improvements. A minor incentive or special along with good communication with tenants is the first step toward encouraging lease renewals. In addition to responding promptly to maintenance needs. These simple things can be helpful in retain your existing tenant and save you money. Follow @rpmwvphoenix