Is your Clarksville, TN rental property currently empty? You're not alone. Tennessee has a 6.7% rental vacancy rate (above the US average).
Instead of losing rental income every month, develop a lease renewal strategy and encourage tenant retention. Not sure where to start? Read on to generate more lease renewals in Clarksville, TN this year!
Invest in Digital Marketing
Not every tenant will decide to renew their lease. To reduce your vacancy rate, start investing in digital marketing. Inbound marketing will bring Clarksville renters to you with cost-effective strategies.
These strategies include:
- Content marketing
- Email marketing
- Paid advertising
- Social media marketing
- Referral programs
- Search engine optimization
Search engine optimization (SEO) can help your property listing rank higher on Google. It will appear as Clarksville renters search for available properties. You can create blog posts to continue appearing online.
Ask your current tenants to help you find new renters. Develop a referral program. Use an incentive (like a rent discount or gift card) to encourage participation.
Offer Great Living Experiences
Your existing tenants won't stay if they're unhappy with their living experiences. Talk to them. Gather feedback to start making informed changes to how you operate.
Perhaps your tenants find submitting rent or maintenance requests tedious. Consider using an online tenant portal. You can streamline communications and provide regular updates.
Maybe your tenants are unhappy with the property. Choose upgrades that make it a more desirable place to live, such as:
- Energy-efficient windows
- Smart home technology
- Hardwood floors
- New kitchen appliances
- More parking options
- Open floor plans
Even if renters don't stay, these upgrades will help you attract new tenants.
Don't forget to keep up with property maintenance. If the property is falling apart, they won't stay.
Communicate with your tenants. Ongoing communication will show you care about their needs and concerns. If renters struggle to reach you, they may grow frustrated.
Ask your tenants to share their reviews online. About 92% of people trust peer recommendations. Glowing reviews can help you attract new renters later.
Outsource Tenant Screening
How many of your current renters do you want to keep? If you're attracting troublesome tenants, your eviction rate could increase.
Invest in tenant screening services. A property management company can find reliable renters you'll want to retain.
Consider Incentives
Encourage tenants to renew their leases by offering incentives. For example:
- Free internet
- Gift cards to local stores
- A discount on rent
Talk to your renters to determine what they want. Meeting their needs can encourage more renewals.
Hire a Property Manager
An experienced property manager can use proven strategies to retain tenants. They can improve tenant living experiences, leading to a higher satisfaction rate.
Choose a full-service property management company. They can help with property maintenance, tenant screening, and everything in between.
Increase Lease Renewals in Clarksville
Generating more lease renewals can boost your profitability. Use these tips to get renters to stay. Otherwise, consult an experienced property manager to develop a tenant retention strategy.
Our team at PMI Clarksville has 20 years of industry experience. We help owners maximize their earning potential.
Discover what makes PMI the fastest-growing property management company in the US. Contact us today to generate more renewals.
