With its top-ranking public schools, convenient commutes, numerous outdoor activities, and vibrant nightlife, it's no wonder Bellevue is the best city to live in Washington. That's according to the reputable review site Niche. It also ranked the city the 10th "Best Place to Live in America" in its 2024 list.
As a Bellevue landlord, you can use those qualities to attract more tenants. However, once you have renters, it's up to you to make them happy and agree to lease renewals.
Don't worry; we're here to share lease renewal tips. Read on to discover effective tenant retention strategies you can implement ASAP.
Incentivize Tenants to Stay
As beautiful and incredible as Bellevue is, the rent here is pretty high, with the median being $2,422. So, even a small discount on rental fees can already be a fantastic incentive for your tenants to stay. They'll also likely appreciate free Wi-Fi and food/grocery gift cards, as these can help lower their expenses.
Those incentives can also be a win for you if you set "eligibility" criteria for them. For example, you can give them on the condition that your tenants must make consistent on-time rent payments.
Another idea is to have them help out with optional tenant property maintenance tasks. For instance, you can ask them to replace HVAC filters once every one to three months, do minor lawn work, and salt or shovel snow.
Consider Allowing Pets
In a survey of over 1,000 U.S. renters, almost 90% of respondents said they have a pet. Over half of those who didn't have one said they plan to become a pet owner soon. Unfortunately, many also reported experiencing difficulty finding a rental property with pet-friendly policies.
Those figures show you can get more lease renewals by letting pets in your rental properties. Since pet-owning renters know how hard it is to find pet-friendly rentals, once they find one, they're more likely to stay in the long run.
Hire a Rental Property Management Company
Finding qualified tenants and making them happy enough to stay are just a few tasks a property management company can help you with. For starters, they'll screen applicants thoroughly. They'll help you choose those worth having long-lasting tenant-landlord relationships with.
A property manager will also share their best tenant satisfaction tips and help you develop incentive programs. They'll communicate with your tenants and address their concerns. They'll also oversee property maintenance to help ensure your property remains safe and habitable.
Get Those Lease Renewals
Giving incentives, having a pet-friendly policy, and working with a property manager can help you get those lease renewals. So, as early as today, consider implementing these tenant retention strategies.
Our full-service property management company, PMI Arka, can help you find and retain quality tenants in your Bellevue properties. We're a proud member of PMI, the nation's largest franchise network for property management solutions that manages over $52 billion of assets. From marketing to tenant placement, rent collection, lease renewals, and property maintenance, you can count on us for all these and more.
So, if you're ready to maximize lease renewals, speak with us today! We'll happily answer all your inquiries and even give you a free rental analysis.
