Owner Guides
5 min read
How to run a renewal conversation that keeps a good resident
Retention is worth more than the increase you are considering. Time the conversation, bring the comparables, and make the ask specific.
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A turn costs roughly one and a half months of rent once vacancy, make-ready, and placement are counted. Any renewal increase should be evaluated against that number, not against a market average.
We open renewal conversations ninety days out. Earlier feels transactional; later leaves no room to market if the answer is no. The letter includes the comparable set we used, which converts a negotiation into a review of evidence.
Where a resident has paid on time and cared for the unit, we frequently recommend an increase below full market. The discount buys another year of known behavior, and known behavior is the most valuable thing in a rental file.