In January 2023, Charleston, SC was ranked 28th in the country in regards to having the highest housing cost relative to income. This means that if you're a landlord, then it can be a real struggle to keep good tenants in your property. And when this happens, your income is heavily impacted.
To combat this, you'll need to attract new tenants, as well as address your turnover rate. Landlords can do this by making their properties more appealing, but how exactly can you do that? To find out, keep reading to see how you can increase lease renewals in Charleston, SC.
Maintain Good Tenant Communication
There's nothing worse than being left in the dark. To ensure your tenants feel alright, regularly communicate with them. Establish an open line of communication so they feel comfortable reaching out to you with questions or concerns.
If things are happening on your property, make sure you let your renters know promptly. You should also address maintenance requests efficiently, as a well-maintained property contributes to tenant satisfaction.
Build a Community Atmosphere
A recent study has found that tenants are more likely to renew their leases if they feel connected to the local community. In fact, three-fourths of them want to expand their social network and know their neighbors.
So why not help them out? Not only will it enrich their lives, but it'll also encourage your tenants to stay on your property.
Organize community events or activities within the property to foster a sense of community among tenants. In addition, you can create a welcoming environment by maintaining common areas and encouraging a friendly atmosphere among neighbors.
Offer Lease Renewal Incentives
You may be hesitant to lower rental prices, but the cost of tenant turnover will be much more than that. So it's worth it to entice your current renters with things like discounted rent rates, which don't necessarily have to be "forever." Even something as simple as a few hundred dollars off the first month of renewal can be enough to keep them around.
You should consider other perks, too. These include a longer lease term with a locked-in rental rate, free parking, and upgraded amenities.
Hire a Property Management Company
Landlord stress is very real, and you can lessen it by working with a property management company. These experienced professionals can employ effective lease renewal strategies so you don't have to do it yourself.
Not only that, but they'll handle property marketing, tenant screening, rent collection, property maintenance, and evictions. Needless to say, you'll be able to take a hands-off approach to your job.
See More Lease Renewals With Our Tips
Lease renewals are vital if you want to maintain a steady stream of income. If you follow our advice, then you'll be on the right path to retaining fantastic renters and continuous revenue.
To have an easier time doing so, think about hiring a property management company. They'll take over all the difficult duties so you can focus on other important matters.
Contact us if you want assistance with rental property maintenance and more. We at Adams Properties Powered by PMI are locally owned and operated, which means we understand the local real estate market.