Renters occupy almost half the homes in Daytona Beach, FL, making this an excellent area to buy an investment property.
A rental property is only as good as the income it brings in, though. Vacancies cost money that few investors can afford to lose.
If you're committed to making your Daytona Beach property investments work, there are a few things you can do to ensure your tenants stay in place.
Read on for our best tips to help encourage lease renewals in your Daytona Beach rental homes.
Screen Your Tenants
Nobody wants a bad tenant to renew their lease. These individuals defy your rental property rules, don't pay their rent, and may damage your property.
Good tenants do everything that's required of them, pay their rent on time, and take care of your property as if it were their own.
If you want to get and keep good tenants, you must screen every application to find a suitable tenant. Tenant screening involves background checks on things like:
- Affordability
- Character references
- Employment history
- Criminal records
A professional property manager can help you carry out this tedious process effectively and in line with current housing laws.
Keep Your Property in Prime Condition
All Daytona landlords must comply with the city's rental housing inspection program, which dictates standards for rental housing. Rental property maintenance not only ensures you act within the bounds of the law, but it also keeps your tenants happy and protects your investment.
Regular property inspections are vital for keeping track of routine maintenance tasks and carrying out minor repairs. They're also an excellent opportunity to get to know your tenants and assist them with any issues they might be experiencing.
Positive landlord-tenant relationships are an excellent basis for encouraging lease renewals.
If you can't attend to all these matters in person, hire a property manager to take care of them. A tenant portal is another excellent tool for instant communications, maintenance requests, and keeping track of rent payments.
Offer Incentives for Lease Renewals
Consider offering your tenants a desired rental property upgrade to encourage them to renew their lease. For instance, installing energy-saving appliances can help them save on their energy bills every month.
You can also offer other gifts of appreciation when your tenants sign up for a new lease. Some ideas include:
- A free meal at a local restaurant
- A year's gym membership
- A rental payment grace period
These incentives help your tenants feel valued and appreciated.
Hire a Property Manager in Daytona Beach, FL
A reputable property management firm can take care of everything involved with keeping your tenants happy and ensuring you profit from your investment.
PMI Daytona Flagler is your first choice when it comes to managing your Daytona rental properties. Our expert property management firm can assist you with all the tasks involved in encouraging lease renewals.
We carry out routine inspections, stay up-to-date with maintenance, and encourage tenant communication. Get in touch for help with eliminating your Daytona Beach, FL, rental vacancies.
