Boston is a city of contrasts, where delightful summers follow harsh winters and a subdued nightlife belies the diverse cuisine on offer. That's not where it ends, though.
Despite Massachusetts having the lowest residential vacancy rate in the country, the city is currently undergoing record-breaking commercial rental vacancies of around 17%.
This places commercial landlords under tremendous pressure to keep the tenants they've already got, but that doesn't mean residential landlords can relax. If you have great tenants in place, good leasing management just makes sense.
Read on for our top tips on how to keep tenants in your rental properties.
Work on Lease Renewal From the Start
In a tough market, the last thing you want is bad tenants in your property.
These types of renters can damage your property and don't pay their rent on time. Inevitably this results in time-consuming, unpleasant, and costly evictions.
Careful tenant screening is the only way to avoid renting your property to these people. You must ensure that you carry out these background checks in line with the prevailing Massachusetts fair housing laws.
Attend to Rental Property Maintenance
Regular property inspections are one way to ensure your tenants comply with the terms of their lease. They're also a good opportunity to carry out rental property repairs and maintenance.
Keeping your rental home in good condition will keep your tenants happy and justify annual rent increases.
During inspections, you'll have a chance to engage in in-person tenant communication. This helps you build positive relationships with your tenants to encourage lease renewals.
While interacting with tenants, be sure to ask about any upgrades they'd like you to carry out.
Consider Tenant Incentives
Upgrading your property is an incentive enough to encourage your tenants to stay. Consider cost-saving improvements like energy-saving appliances and smart home systems for maximum effect.
You can also sweeten the deal even further by offering them a gift if they renew their lease.
Some ideas include:
- A meal voucher
- A year's membership at a local gym
- A few months' discounted rent
It's important to start negotiating lease renewals at least 60 to 90 days before the lease expires. This gives you plenty of time to persuade your tenants or start marketing your upcoming vacancy if necessary.
Use the Latest Technologies
Modern-day property management systems help increase convenience for your tenants. These packages send rent reminders, keep your records in one place, and help you manage routine maintenance.
Online portals help streamline your relationship with your tenants. They're an excellent resource for:
- Quick communications
- Timely rent reminders
- Easy rent payments
- Efficient maintenance and repair requests
Managing your properties with technology is vastly more effective than doing things via telephone calls, email, or snail mail.
Enjoy Expert Leasing Management Services
With so much at stake, it's important to get expert help from a property management company wherever you can.
PMI Bay State can help you with all the tasks involved in leasing management. We carry out property inspections, manage communications, and perform repairs promptly.
Get in touch to put your mind at ease during these unpredictable times.