Summer Leasing Season
The busiest time of year is upon us. We are working vigilantly to get lease renewals done, and if a property is vacant we want to get it leased as quickly as possible. With the leasing market slowing down now is a good time to talk to your property manager and discuss the best options to get things done well in advance of a renewal or vacancy. Renewals in particular are good to secure as early as possible since the market continually shifts with each passing day.
We’ve mentioned in the past that incentives are back in the leasing market, so considering some kind of offer proactively to attract a tenant to a vacant property or keeping them at lease renewal should be discussed with your property manager. Incentives can be offered to both new and renewing tenants. A reduced or free period of rent on a new lease is very common right now. With lease renewals some tenants may ask for something like cleaning the AC ducts or providing a mid-lease carpet cleaning for example, which is a small expense relative to a turnover. The act of simply not, or minimally, raising the rent when offering renewal terms is also a good way to keep a tenant who doesn’t want the expense and hass...