Renter turnover and new vacancies are very costly. Between finding new occupants, vacant rentals, and taking a risk on a new renter, the costs can quickly stack up. When a reliable renter informs you they are not going to renew their lease, you need to take some steps to see if you can keep them. Here is what to do to ensure you’ve done your best to reduce these costs.

 

Learn Why The Are Breaking The Lease

 

Find out the reasons they are looking to renew their lease. There are some reasons such a change in employment, relocation to a new city, or buying a home that you cannot do anything about. However, some reasons like rental costs are too high, a lack of amenities or they would like more space that you can address. Find out their reasons and see what you can do to keep them.

 

Offer Some New Options

 

Review their current rental situation and see if there is a way to accommodate their needs. If they are looking for lower rent, see if you can offer them a discount for being a great renter. If they want better amenities, look into making the investment because it could help keep all your occupants. If they are looking for more space, see if you have a larger rental open with a comparable price.

 

Be Open To Negotiations

 

Start the discussion with your renter and see if there’s something that would entice them to stay. See if you can accommodate this request or at least negotiate the request to a mutually beneficial arrangement. Having the conversation costs you nothing, so even if you cannot accommodate their needs, you’ve at least tried.

 

For more tips on reducing resident turnover, contact Occupancy Solutions. We’ve helped property managers across the country increase their retention rates. Contact us today to learn more!