Data from Salary.com shows that landlords in Cody, WY, take home an average of $50,844 yearly. The highest earners even make up to $59,367 a year!
If you're a Cody landlord yourself but don't earn as much, it may be because you don't get enough lease renewals. You may be spending more replacing your renters who leave or not earning enough due to high vacancy rates.
Don't worry; PMI Yellowstone's experts are here to help. We've shared property management tips to help you encourage tenants to renew their lease, so read on.
1. Be a Better Communicator
One of the most effective tenant retention tips is to always listen to them attentively. If they ask something, answer with as many relevant details as possible. You should also respond within a reasonable time unless it's an emergency; in that case, you should reply immediately.
An example of an emergency your tenant may face is a burst plumbing pipe in your property. According to CNBC, burst plumbing pipes cost Americans thousands of dollars in damages. The water damage they cause can also encourage mold growth, resulting in even more damage and risking your tenants' health.
So, unless you're also in an emergency, make it a point to respond to tenants' concerns as soon as possible. Doing so makes them feel valued and that you care for them, which can be enough to encourage lease renewals.
2. Welcome Pets
A good enough reason to allow pets into your property is that, according to The Humane Society of the United States, nearly three in four renters have pets. So, by welcoming prospective tenants' furry family members to your rental, you can expand your renter pool.
You can also boost tenant retention rates by implementing a "pets-are-welcome" policy. Your current renters may have always wanted a pet but never got one because finding pet-friendly rentals is challenging. Helping them realize their dream of becoming pet owners will likely make them happy and more than willing to renew their lease.
3. Offer Tenant Incentives
Money-saving incentives, such as small rental discounts, are some of the most effective lease renewal strategies. After all, who doesn't want to pay less rent? You can apply the discount on the first few months of rent following the renewal.
4. Reduce Security Deposits for Excellent Tenants
Do your tenants always pay on time, never cause you and their neighbors a problem, and make your life easier as a first-time or accidental landlord? Then, show them your appreciation by giving them a portion of their security deposit back if they renew their lease. Even if it's just 10%, your tenants will likely appreciate you, giving them more reason to stay.
Get More Lease Renewals With These Strategies
From being a better communicator to allowing pets and giving incentives, all these strategies can help you secure more lease renewals. Use them to your advantage and encourage renters to stay longer.
If you need expert assistance managing your Cody rentals, PMI Yellowstone is happy to help. We can handle all aspects of managing your property, from marketing to rent collection and lease renewal. We're also a proud franchisee of PMI, a larger property management company managing over $70 billion of assets.
Drop us a line today, and we'll gladly give you a free rental analysis!
