The cheapest rent you will ever collect is from the great resident who already lives there. Renewal season is where returns are actually made, and it rewards owners who start early.
The quick answer
Keep a great tenant by starting the renewal conversation 90 days early, pricing from real comparable homes and sharing them, keeping increases small and predictable, and fixing the little annoyances before renewal time. A turnover costs one to three months of rent; almost any retention effort is cheaper.
The timeline
Open the conversation 90 days before lease end. It gives the resident time to feel valued rather than processed, and it gives you time to re-list without panic if they leave. A renewal discovered 30 days out is a vacancy with extra steps.
The offer
- Price from current comps, and share them. Residents accept numbers with reasons.
- Keep increases modest and predictable. A regular small step beats a rare jolt.
- Consider term options: some residents will trade a longer lease for a flatter rate, which is often a great deal for you.
The gestures that outperform their cost
Fix the annoyances before they are re-reported. Ask if anything needs attention, then handle it. A $150 repair delivered cheerfully at renewal time reads as respect, and respect renews leases. Residents rarely leave homes where they feel taken seriously.
Common questions
When should I send a renewal offer?
About 90 days before the lease ends. Early conversations read as respect, give residents time to plan, and give you time to re-list calmly if they decline.
Should I raise rent on a great tenant?
Modestly, if the market supports it, and with the comps shown. Most good residents accept a fair, explained increase. What drives them out is a big surprise number with no reasoning.
What makes tenants renew?
Feeling taken seriously: repairs done promptly, communication answered, and a home that works. Residents rarely shop the market when the current landlord is easy to live with.
The math, again
A turnover costs one to three months of rent. Almost anything that prevents a good resident from leaving is cheaper than that.