6 Ways To Convince Your Residents To Renew Their Lease
When college students choose to live in an on or off-campus apartment, there comes a time where students must make a decision to renew or not. Students can choose not to renew their apartment lease for a number of reasons; however, renters can help persuade the current residents into staying at least one more semester.
Here are six ways that renters can convince their residents to renew their lease, increasing the apartment building or renter’s resident retention.
1. Renewing Your Lease Is: Hassle-free
Remind residents of not having to move all of their belongings if they renew their lease. Sometimes students will not think of the hassle they will have to go through when moving out the entire contents of their bedroom.
If you remind the current residents of this, they just might consider staying in the same apartment and room. Another factor to mention is that there may be a month or so that the student would have to find a place to put their belongings until they would be able to move into another place.
2. Renewing Your Lease Is: Saving money
Give them a month of free rent. With some apartment leases, there is a month gap between the time the leaving residents’ lease ends and when the new leaser’s lease begins. However, if the residents renew their lease for the upcoming fall semester, renters can give them a month free of rent as an extra benefit.
3. Renewing Your Lease Is: Living with a friend
Allow current residents to pull in a new roommate if a current roommate is leaving. When students graduate or study abroad for a semester, they leave an apartment with an extra room. If the renters allow the current resident of that apartment to pull in a friend looking for a place, that may change their mind to stay. Some students may want to leave an apartment because they do not like or connect with their roommates, so giving them a possible solution will be beneficial.
4. Renewing Your Lease Is: Quick and easy
Allow them to complete the renewal online, rather than having to schedule and attend an appointment. Sometimes the lease renewal period falls at the beginning of the semester when everything is hectic and busy. For many students, finding time out of their day (during business hours) can be difficult, so allowing them to get it done online will save the hassle and make it easier on the students to renew.
5. Renewing Your Lease Is: Staying with familiar faces
Many apartment complexes have very friendly staff that students have a lot of interaction with. It would be smart to remind the current residents how nice and helpful it is to have these friendly faces around that make it feel like home. Living in another place may not offer this amenity that they are used to.
6. The Time To Renew Your Lease Is: Coming to an end
Since students have such busy schedules, they may forget about or put off the lease renewal. Renters should email the students several times before the release period ends. Not all of the students that are not renewing their apartment lease are doing it intentionally; some may forget about the process, considering it is renewed months in advance.