CRLS Lease Renewal & Tenant Retention 2

Question 1

Which tenant retention strategy is generally considered most cost-effective for a residential landlord?

Accepted Answer

Proactively addressing maintenance requests quickly and communicating respectfully

Answer

Repeatedly offering large rent concessions regardless of market conditions

Answer

Replacing all appliances at the start of every renewal term

Answer

Allowing tenants to modify the unit without prior written approval

Question 2

What is a lease renewal addendum?

Accepted Answer

A supplemental written document that extends the lease term and notes any changed conditions while keeping original terms intact

Answer

A document that terminates the existing lease and creates an entirely new agreement

Answer

A legal notice served to a tenant who is delinquent in rent

Answer

A disclosure form required by the EPA before renewing a lease in an older property

Question 3

When proposing a rent increase at lease renewal, which approach is considered best practice?

Accepted Answer

Justifying the increase with market comparables and providing adequate written notice well in advance

Answer

Announcing the increase via a notice posted on the unit door the day the new term begins

Answer

Requiring the tenant to research their own market data before accepting

Answer

Applying the maximum allowed increase regardless of the tenant's payment history

Question 4

Which metric is the best indicator of a property's tenant retention success?

Accepted Answer

The annual tenant retention rate (percentage of leases renewed)

Answer

The number of maintenance requests submitted per unit per year

Answer

The total square footage of units currently occupied

Answer

The ratio of pet-owning tenants to non-pet-owning tenants

Question 5

A landlord offers a tenant a slightly lower monthly rent in exchange for signing a 24-month renewal instead of a 12-month term. This is an example of:

Accepted Answer

A concession-for-commitment strategy to reduce vacancy risk and stabilize income

Answer

Illegal rent discrimination under fair housing law

Answer

A sublease negotiation between the tenant and a sublessor

Answer

A rent-to-own conversion agreement

Question 6

What information should be included in a lease renewal offer letter sent to a tenant?

Accepted Answer

The new lease term dates, updated rent amount, deadline to respond, and any changed terms

Answer

The landlord's personal financial statements and mortgage balance

Answer

The names and contact information of other tenants in the building

Answer

A list of the tenant's lease violations from the prior term

Question 7

When a tenant declines a renewal offer, what should the leasing specialist do first?

Accepted Answer

Ask the tenant for feedback on their reason for leaving and confirm the move-out timeline

Answer

Immediately list the unit at a higher rent without further contact with the tenant

Answer

File for eviction to ensure the unit is vacated promptly

Answer

Offer the unit to a sublessee arranged by the departing tenant