Offer your residents an incentive to renew their leases early. This can be, and has been, done during an open house, or you can set aside a special month, like February or March, for the renewal incentive. This is how it works:
Advertise to your residents through your newsletter, emails and notices that you are offering a special rental increase if they sign their leases early.
Incentives can be receiving only a $5 increase for signing before the deadline, or even a lower percentage increase depending on the market.
Also, they could receive something for the apartment, such as having the carpet cleaned, having the apartment painted using this remarkable dry erase paint , a ceiling fan, a breakfast bar, or even a discount off the rent for the first month of the new lease.
Professional Equities used this idea and immediately increased their renewals by 10 percent!
Contributed by Sue Hogge