Lease renewals are a natural time to implement retention strategies as renters are considering their options. Most renters do not want to go through the hassle of moving. So, with the right resident retention strategy, you can influence their decision and make sure they choose to renew. Here are five strategies you can implement at the time of lease renewal that will reduce move-outs:

1. Make Lease Renewal A Breeze

When lease renewal is simple, renters are more likely to stick around. Start by sending a reminder before their lease is up. Be available to answer any questions they might have. Then, at the time of renewal, automate renewal by sending a pre-filled renewal agreement for easy signing both in person and online. Make it so renters only need to confirm, sign, and return at their convenience.

2. Offer Renewal Perks

Offer a little something extra when it's time to renew. Consider offering a rent discount, rent freeze, or upgrade their amenities. Renewal perks reward renter loyalty and show your appreciation for them staying.

3. Add Some Personal Touches

Before lease renewal, thank your renters for being loyal with a handwritten note or a small gift basket of local goodies. Personal touches show that you care about your renters. When people know you care, they are more likely to renew.

4. Address Renewal Concerns Promptly

When renters have questions, requests, or concerns, be quick to address them. The faster you respond to any issues, the better your renters will feel about staying. If they see that you're on top of things and that their comfort matters to you, they're more likely to renew.

5. Provide Flexible Lease Terms

Give renters some flexibility when it comes to their lease terms. Competitive pricing, different lease lengths, or options for upgraded amenities can help cater to what they need. When renters feel like they have choices and the lease works on their terms, they're more likely to renew.

Resident retention strategies help you optimize the opportunity at lease renewal to retain your renters. To learn more renter retention strategies, contact Occupancy Solutions. Since 1986, we've been helping rental owners increase occupancy rates and resident retention. We can make a retention strategy that works for you.