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In Tampa Bay, the rental market is brutal, with a median rent of $1,720. For many tenants, this is over half their monthly income, so if they see cheaper accommodations, they'll surely jump at the opportunity.
You may already be a nice landlord, but you can always do more to keep your fantastic tenants around. By putting in some extra effort, it'll be a win-win situation for everyone involved.
Read on for some leasing management tips on how to keep great renters in your Tampa Bay investment property.
Keep Your Rent Fair
Rent prices will fluctuate throughout the years, and if you don't have your ear to the ground, other landlords will have a leg up. As we've mentioned before, the Tampa Bay rental market is fierce, so you need to be proactive in pricing your units right.
For example, when comparing 2023 to 2022, month-over-month costs are down by 2.8%, so adjust accordingly.
Offer Tenant Incentives for Lease Renewals
A lease renewal is mutually beneficial; your tenant doesn't have to pack and move, and you don't have an empty unit. This means that it's worth it to take a small loss to gain a bigger win.
Encourage your renters to stay and renew by offering incentives. For instance, you can give them a small rent discount or an upgrade to a larger unit.
You can also give them a longer lease term, which benefits you too. Anything that reduces turnover will increase profits.
Maintain the Property
Lower rent prices will surely attract more tenants, but that only goes so far. If your property's in disrepair, many people will leave in favor of a more expensive place if they see the landlord's put effort into maintaining the property so they feel safe and comfortable.
When your tenants put in requests, handle rental property repairs promptly. In addition, perform regular inspections to identify and take care of small issues before they become large ones.
If amenities seem worn-down or outdated, replace them. They'll make your property more appealing to both current and future tenants.
Have Good Tenant Communication
A hands-off approach won't work if you want long-term success. You should build a positive landlord-tenant relationship, and this starts with good communication.
Always be respectful, accommodating, and approachable. If there are any conflicts, address them professionally and diplomatically. Don't take sides and resolve disputes with as little bias as possible.
More importantly, you should show appreciation and make your renters feel valued. You'd be surprised at what a small gesture could do, such as cards and small gifts for the holidays.
Practice Excellent Leasing Management
When you practice excellent leasing management, you'll keep your renters happy. The most important things are to have fair rent, offer incentives for lease renewals, perform regular maintenance, and have good communication.
When your tenants see the effort you're putting in to keep them satisfied, they'll know that it's worth staying. And this will increase your bottom line and improve your local reputation.
Get in touch with PMI Tampa Bay now if you'd like assistance with rental property maintenance. We've won many prestigious awards for our services.
