From 2019 to 2022, rental prices went up over 20% in Charlotte, NC. As a landlord, you might think this is a good thing since it puts more money into your pockets. However, it's a double-edged sword, as tenants want to spend as little as possible.

The reality is that keeping your current renters is much cheaper than finding new ones. So you might want to lower your rates and employ other strategies to bump up lease renewals.

In this article, we'll discuss four key ways how you can do so.

1. Keep Up With Property Maintenance

In such a hot market, renters will appreciate low monthly rent. But there's only so much they can tolerate; if your property is run down and unsafe, they'll be willing to pay more to move to somewhere better.

Ensure everything's running safely and smoothly by keeping up with maintenance. If you have the budget for it, make upgrades and improvements, too. Highlight these to show your commitment to making your property feel like home for your tenants.

2. Offer Incentives

Entice your current renters to stay by offering incentives when renewing their leases. For example, you can give them a discount on their first month's rent or free parking for the year.

Tenants will also appreciate more flexible lease terms. Offer anything from month-to-month to years-long leases.

A tenant loyalty program is a good idea, too. The longer they stay, the more perks and higher discounts they'll get upon renewal.

3. Allow Pets

Today, there are more American households with pets than children. So while your current renters don't have furry friends, it's very likely they'll want them in the future. And when they do, they'll want pet-friendly accommodations.

There are several pros and cons to allowing pets in a rental property. But overall, as long as you screen your tenants and charge them pet deposits and rents, you'll come out in the green.

4. Have Good Communication

The majority of tenants see landlords as bad guys, so here's your chance to prove them wrong. Instead of dreading your presence, they'll enjoy it if you work at having a good line of communication.

Address all their requests, concerns, and questions promptly, and do it with a positive and friendly attitude. If any work needs to be done on your property that'll affect your renters directly, let them know immediately.

When your tenants see that you're transparent and honest, they won't want to move elsewhere.

See Your Lease Renewals Increase

By using the above strategies, you'll see a noticeable increase in lease renewals. However, it can take a lot of your time and energy, which you may not have a lot of.

To ensure your best tenants stay, hire a property management company. Experts like us can draw upon years of experience and knowledge to keep your renters happy. And you won't have to lift a finger, too.

Need more help as a landlord? Then get in touch with us. We at Carolina Property Management, LLC specialize in full-service property management.