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Florida is currently leading the nation in cost-burdened renters, which has added considerable volatility to the renting market. As many renters focus on finding new properties, others are focused on lease renewals to not lose their rental homes.
If you're a landlord looking at renewing tenant leases in Tampa, you may find these factors affecting your tenant retention. But how can you make the most out of your tenant retention rate and improve your lease agreements?
If you're curious about lease renewal strategies, we're here to offer our guidance. Read on for a quick look at some property management tips that will help you with lease renewals in today's rental market.
Research the Market
Since you're focusing on lease renewals, it may feel like you know where the market is.
However, markets shift intensely in the course of a few months, much less an entire lease. Tampa in particular is a volatile market as a new surge of rental properties enters the housing pool.
When it's time to focus on renewing leases, take a moment to look deeply at the market. You may need to adjust your prices to match new standards or inflation. You may also find that retention is easier if you don't raise prices, or raise them less than competitors may be.
You also should see what renovations and amenities tenants want to retain their lease. Doing so can help you look into the best way to give these amenities. Whatever the case, looking into the market can help you see what you need to change.
Give Flexible Terms
Many tenants are scared off of renewing by strict and rigid lease terms. These may include restrictive pricing or cutting out "benefits," such as pet-friendly leasing or consequences for breaking a lease.
In contrast, you can often lower the stress on a tenant by giving them more flexible terms. A flexible term may include space changes, shorter durations, or flexible pricing. These will help tenants feel less locked in and more seen by their landlord.
Focus on Tenant Retention
Finally, tenant retention programs can help you see what your tenants want from lease renewals. Tenant retention programs focus on implementing systems that keep your tenants content.
These can include online portals where tenants can better communicate with you. It also can include further amenities, communicating timescales, and more. Not only will this help with retention, but it will also help with them seeing you as a dependable and trustworthy figure.
Mastering Lease Renewals in Tampa
Lease renewals in Tampa can feel like they're difficult to secure, but in this volatile market, proving your trustworthiness to your tenants can be the deciding factor. Focus on improving their quality of life and try to alleviate the burden of overwhelming costs that many Floridians are facing to secure more lease renewals.
At PMI JCM Realty Group, we're proud to be an independently owned branch of a franchise with more than two decades of experience. Our team focuses on integrity, transparency, and delivery of high-quality services to our partners. Contact us today to see how we can help you and your tenants in Tampa.
