Covina, CA, is a great spot to invest in rental property, and opportunities for landlords are plenty. It's got a lower unemployment rate and a higher median income than average.
You can expect to find tenants without issues. The problem is, how do you keep these tenants? If you find a great tenant, you want them to rent your property for as long as possible.
This guide will show you how to increase your chances of lease renewals for your Covina property.
Here's what you can do:
Prioritize Rental Property Maintenance
Your first step should be to thoroughly improve your rental property. This includes property maintenance, repairs, and renovations.
If your property is a few years old, then tenants might be cautious. They may presume that it isn't maintained to the highest standard. Ensure that you regularly check for maintenance. You must always have a list of contractors who can fix any issue at a moment's notice.
Make sure you also conduct rental property inspections while your tenant is staying at the property. This helps keep both you and the tenants accountable for maintenance.
Be Cautious About Rent Increases
Due to the increased cost of living, you may feel pressured to increase the rent price.
You should know that you can't increase the rental price at any time during the lease. Whatever price is stated in your contract is a fixed price that can't be changed.
If you do need to raise the rental price, try not to go. Even if you suggest a much higher price, you might lose your tenant. It's generally suggested not to go over 5%.
You should consult a lawyer to see if you're able to increase the rental price completely.
Keep It Simple
Don't complicate the lease renewal process for your tenant. For example, you may wish to offer a rental payment grace period before the new contract begins.
Tenants might be too busy to meet in person to sign a new contract. Send them a digital contract via email to speed up the process.
Offer Incentives for Lease Renewals
The final step is to give your tenants a reason to renew their lease. If you can offer a rental property upgrade, they may wish to stay put.
For example, you might get your home repainted. This gives it a fresh look and gives a more welcoming atmosphere. You can also add extra amenities to your rental property. These can range from faster internet to extra kitchen appliances.
The more incentives you offer, the greater the chance of lease renewals. You can also get away with increasing the rental price if you provide these incentives.
Keep Your Tenants Happy
Follow these steps to keep your tenants happy and increase your chances of lease renewals.
There's a lot of work you'll have to do, from property maintenance to offering incentives. The quickest way to handle these tasks is to give them to a property manager.
PMI San Bernardino has helped landlords with property management services for over 20 years. We look forward to helping you too!
