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In a 2023 study, Kissimmee, FL was found to have the least available affordable housing in the Central Florida area. This means that if you're a landlord, you've got your work cut out for you, as it'll be difficult to attract tenants to the area.
If you've got excellent renters right now, then it's best if you focus your efforts on keeping them where they are. Tenant retention costs significantly less than searching for new renters, so give this area some consideration.
In this article, we'll discuss key strategies to help you get more lease renewals in Kissimmee.
Attach Incentives
As we've just said above, affordable housing is extremely hard to find in the area. Needless to say, you need to price your property competitively to attract new tenants and keep your old ones. In addition, only raise the rent when necessary; tenants will know if you're getting greedy, which will push them away.
To further sweeten the deal, attach incentives. For example, give a discount on rent if people renew, or offer them a free parking spot. You can also draw people in by offering a longer lease term with a locked-in rental rate, which is a win-win situation for everyone.
Maintain Your Property
Florida is a beautiful state to live in, but even the best scenery won't matter if your renters are living in squalor. While that may be an exaggeration, there's bound to be areas to address, so take responsibility and don't neglect upkeep.
Conduct regular rental property inspections and fix anything you find right away. Constant rental property maintenance will decrease the need for future costly repairs, and your renters will be happy, too.
Have Good Tenant Communication
Maintaining great tenant relations will seal the deal on retaining good renters, and one of the best ways to do so is through clear communication. Everyone wants to be kept in the loop, including your tenants.
You should check your messages from them often and respond promptly. Plus, if anything's being done on your property, send out notifications ASAP to make sure no one's caught off guard and can make arrangements accordingly.
Work With a Property Manager
If you want a hands-off approach to being a landlord, then a property management company is what you need. Not only will they apply top strategies to keep your outstanding tenants, but they'll also use property management software that you'll have access to, too.
With their assistance, you'll find yourself with more free time. And as a result, you'll have a better work-life balance.
See More Lease Renewals With Our Help
If you don't want your income to fluctuate, then lease renewals must be your number one priority. To get these, you must maintain your rental and have good communication with your tenants. In addition, you should offer them fantastic renewal terms.
Most importantly, partner with a property management company. The aid of professionals will solve many of your problems.
Contact us now to hear more about property management services. The team at Allegiant Management Group has over 75 years of combined experience, which allows us to maximize your profits with little effort.
