As a landlord, you want your tenants to renew their leases. This creates less stress, and you will use less time and money trying to fill the vacant spaces. However, as a tenant, renewing a lease can either be a very easy or a very difficult decision. There are stressors that come along with trying to find a new place to live, and you have to evaluate all the pros and cons to your current living situation. All in all, landlords should focus on keeping their tenants happy so they feel satisfied with their current situation and will renew their lease when it comes time.

Top reasons tenants renew their leases:

• Ideal location
• Amenities that are offered
• Quick responsiveness to maintenance issues
• Receive a discount for renewing their lease (i.e., free month of rent)
• Property offers social events for tenants
• 24-hour doorman for safety
• Accepts and holds packages for tenants who may be out of town
• Offers parking 
• Allows pets in the building
• Loves the space and atmosphere of their living situation

Overall, people are going to stay where they feel safe and at home. They want to know they are being taken care of and that their landlord can be contacted and will respond in a responsible time. People stay where they are comfortable, so as a landlord it is important to offer your tenants fun things to do or provide them with amenities they can’t find elsewhere. If you would like to learn more about Old Dominion Realty’s experience with tenant renewals, please send us a message so we can talk!