As a landlord, one of your primary goals is to keep your St. Louis rental property occupied with tenants who are willing to stay for an extended period. Having long-term tenants can provide you with stability and predictability in your cash flow, and it can also help you save time and money on marketing and property turnovers.

One of the best ways to ensure that you have long-term tenants is to encourage lease renewals. At Keyrenter St. Charles Property Management, our lease renewal rate is an impressive 76%. Here are a few reasons why lease renewals are so important and how we achieve such a high renewal rate.

Stability and Predictability

When a tenant renews their lease, it provides you with stability and predictability. You know that you have a tenant who is willing to stay for another year or more, which means that you don’t have to spend time and money finding a new tenant. Furthermore, you don’t have to worry about periods of vacancy, which can hurt your cash flow and put you at risk of losing your property.

Reduced Turnover Costs

When a tenant moves out, you’ll need to spend time and money preparing the property for the next tenant. This includes cleaning, painting, and possibly making repairs. By encouraging lease renewals, you can reduce these turnover costs and save yourself both time and money.

Increased Revenue

Another benefit of lease renewals is that you can often increase your revenue by adjusting the rent each year. By increasing the rent at a reasonable rate, you can ensure that you’re keeping up with the market and earning a fair return on your investment. At Keyrenter St. Charles Property Management, we work with our clients to ensure that the rent increase is both reasonable and fair.

So how do we achieve such a high lease renewal rate at Keyrenter St. Charles Property Management? Here are a few strategies that we use:

Starting the Process Early

We start the lease renewal process about six months before the lease is set to expire. This gives us plenty of time to communicate with the tenant and work out any issues or concerns that they may have. By starting early, we can also ensure that we have plenty of time to market the property if the tenant decides not to renew.

Providing 5 Star Customer Service

We believe that providing excellent customer service is essential to achieving high lease renewal rates. Our team at Keyrenter St. Charles Property Management is committed to providing 5-star service to both our clients and our tenants. We’re always available to answer questions or address concerns, and we work hard to ensure that our tenants feel valued and respected.

Increasing Rent Fairly Each Year

Finally, we believe that it’s essential to increase the rent each year to keep up with market rates and to ensure a fair return on investment. However, we also believe that it’s important to increase the rent at a reasonable rate that won’t drive tenants away. We work with our clients to determine a fair rent increase each year that takes into account market rates, the property’s condition, and the tenant’s ability to pay.

Lease renewals are crucial to the success of any St. Louis property management business. They provide stability and predictability, reduce turnover costs, and can increase revenue. At Keyrenter St. Charles Property Management, we achieve a high lease renewal rate by starting the process early, providing 5-star customer service, and increasing the rent fairly each year. If you’re looking for a property management company that can help you achieve long-term success with your rental properties, contact us today.