Have you invested in a rental property in Indianapolis? In 2023, the city has had a population growth of 2.2% and is arguably one of the most popular cities to move to within the country today.
However, this brings a potential problem for Indianapolis landlords like yourself. You'll have so much competition that your tenants might start looking to make their home elsewhere. How do you ensure lease renewals? What do you do to make tenants stay in your place longer?
Here's what you must do:
Be a Responsible and Active Landlord
You must be aware of your responsibilities as a landlord at all times. Make sure you have a real estate lawyer on standby. They'll help you remain compliant so that there aren't any issues with your tenant. They'll also offer crucial landlord advice to improve relations with your tenant.
You'll also have to be an active landlord. Make sure you communicate with your tenants on occasion. Don't overstep your boundaries, as they might feel it's a violation of their tenant privacy rights. However, your tenants should feel comfortable reaching out to you whenever there's an issue. If you're not always available to reach out to your tenants, you should hire a property management company to assist you.
Offer Incentives to Your Tenants
When preparing your rental lease agreement, you can negotiate terms with your tenants to stay longer. Your tenants might prefer to stay for six months. However, you may want them to stay for one year.
You can offer them a lower rental fee per month if they stay for a longer period. You'll make less rental income in the short term but more in the long run. Try not to raise your rental fee if your tenants wish to renew their lease. If you have to, the price increase should be reasonable. Many tenants will be forced to leave their homes solely if they can't afford the rental fee.
Maintain Your Property
The final step is to maintain your property regularly. You should conduct rental property inspections at least twice during your tenant's stay. Make sure you do this at a time suitable for your tenants. These inspections check for damage, hazards, pollutants, and stains within your property. This will let you check if you need any repairs to your property.
During vacant periods, make sure you replace old appliances, furniture, and furnishings. You should repaint your property every few years. This gives your property a "new" feel and will lead new tenants to sign longer rental lease agreements.
Ensure Lease Renewals
You can now improve your chances of lease renewals using the methods outlined in our guide. Take the time to look after your tenants by remaining legally compliant. Make sure you offer them incentives to stay. You'll also need to maintain your property well. You can do this with the help of a property manager.
PMI MIdwest is a leading property management company in the city. We have many positive testimonials from landlords who've previously struggled with lease renewals. We know we can help you too!
Contact us to learn more!
