With its affordability, excellent transportation, exceptional education system, and thriving job market, it's no wonder a Forbes Advisor study included Dayton, OH, in its list of Top 10 Places for young professionals, according to Dayton Daily News.
With such great livability features, it won't be surprising to see the Gem City attract more residents, including tenants.
As a Dayton landlord, though, you shouldn't just focus on finding tenants; you'd want to think long-term and plan for lease renewals ahead of time. If you're unsure where to start, don't worry; Bridgestream's property management experts have shared lease renewal tips to help you get started, so read on.
Welcome Pets
According to Multifamily Dive, a new Zillow study found that most renters now are pet owners. Nearly six in ten say they have at least one pet. However, not all rentals allow pets, making it challenging for many tenants to find rentals that accept their furry family members.
Change that by including a pet-friendly policy in your rental agreements. Doing so can help you expand your tenant pool and increase rental profit. Plus, because renters know how challenging it is to find housing that welcomes pets, they'll likely want to renew their lease with you.
Maintain Your Property's Habitability
Section 5321.04 of the Ohio Legislation spells out your obligations as a landlord in Dayton, OH. Part of your legal responsibilities is to ensure you keep your property fit and habitable by:
- Repairing whatever is necessary
- Keeping all the premises' common areas safe and sanitary
- Ensuring all critical systems (e.g., electrical, plumbing, and HVAC), appliances, and fixtures are in safe working order
Failure to abide by those regulations can result in tenants filing complaints against you. If they're unhappy with you and your property, they'll unlikely want to renew their lease.
For those reasons, always schedule and conduct regular property inspections and repairs. Keeping your property in top condition can help boost tenant satisfaction, encouraging them to stay longer. However, always coordinate schedules with renters and notify them beforehand about pending inspections.
Work With a Property Manager
Working with a dedicated property manager who understands the nuances of Dayton's real estate market and local laws can help you manage your properties more effectively.
Because they're locals, they know what makes Dayton renters tick. They'll use their knowledge during lease negotiation and renewals. For example, they may create incentive programs tailored to your specific tenant demographics to encourage them to renew their lease.
Being locals also means property managers can quickly address tenant concerns, such as property problems like leaky pipes or non-working HVAC systems.
Let Bridgestream Property Management Handle Your Lease Renewals
Since there's a lot involved in lease agreements (especially legal stuff!) in Dayton, OH, it's worth re-considering your plan to manage your rentals on your own. Rather than handling everything yourself, why not outsource your landlord duties and tasks, including lease renewals, to the pros?
At Bridgestream Property Management, our experts can simplify managing your properties. We're a highly rated full-service real estate asset management company in Dayton, OH, with hundreds of 5-star Google reviews.
So, speak with us today, and we'll happily throw in a free property analysis!
