12 Jul, 2023
As a landlord, improving your tenant retention ratio is key to maximizing your rental income. You see, when you are able to retain tenants for much longer, you’re able to save on many costs, including vacancy, advertising, and screening costs. Consequently, this means that you are able to shield your bottom line from potential losses . But while renewing a lease for another term seems like a no-brainer, make sure to do your due diligence. Rushing into a lease renewal can lead to certain potential issues down the line like holdover tenants . And that’s where renewal screening checks come in! They are an easy way to protect yourself from costly disputes, drawn-out issues with residents, and even possible evictions. By conducting a renewal screening check before lease signing, you’re able to see how a tenant has fared over the duration of their stay. As such, you are able to make an informed decision on whether or not to continue leasing to the tenant. Be that as it may, screening tenants multiple times can raise certain questions. Is the exercise even worth the effort? Would screening the tenant again damage the existing relationship you have built with them? Luckily for you, this post is here to address every concern you may have regarding renewal screening checks. The following is everything you need to know in this regard. Benefits of Renewal Screening Checks It can be quite understandable for a landlord to skip a renewal screening check in certain situations. Especially, if the tenant has always paid rent on time, cared for their rented premises, and adhered to all lease terms.