How To Make The Most Out of Renewal Season in Multifamily

Renewals don’t have to be a terrifying game of roulette where you're crossing your fingers and hoping for the best. They can be your golden ticket to steady cash flow and low vacancy rates—if you handle them like a seasoned sales machine.

But let’s be real: most people aren’t handling them like anything more than a 60 to 90-day last-ditch effort of keeping their occupancy high. They're winging it, throwing notices out late, waiting until the 11th hour to communicate with their residents, and wondering why their properties look like half-lived ghost towns exactly 13 months after opening.

Don’t be that property.

Here’s how to nail renewals like the pro you are (or are about to be).

1. Talk Early, Talk Often (Yes, Even With Ownership)

Listen, no one loves more meetings. But here’s the deal: alignment with ownership on your renewal strategy isn’t optional—it’s critical. Think of it like setting the GPS before a road trip. If you don’t, you might be headed for a dead end.

What does that look like?

• Discuss Rent Goals: Budgeted 3% rent growth? Cool. Aim for the market demand. If that's exceeding 3%, then that's the market demand. The secret here is to practice judiciousness, reason, ethics, and make data-backed decisions for a reasonable market rise in rent and what's just plain ridiculous. It may seem profitable to shoot for the moon and raise rents 15%, but that can also shoot you in the foot. 
• Prepare for Surprises: Leaky pipes, HVAC meltdowns, alien invasions—expenses love to pop up in the winter months, just before renewal season heats up. Getting more on renewals cushions early those unexpected hits.
• Think Ahead: Spring market, student season, or just the general chaos of life—plan for what’s coming. If you don’t, you’re already behind. 

A Practical Pro Tip: “If you projected 3% rent growth but can pull 5%, congrats—you just turned a ‘meh’ year into a win.” 

2. Send Notices Early (Like, Yesterday Early)

You’ve heard the phrase “the early bird gets the worm,” right? In renewal season at an apartment complex, the early bird gets the renewal (and avoids the awkward scramble for new residents).

Here’s how to not drop the ball:

• Send Notices 120 Days Out: Not 90. Not 60. Definitely not 30. Give your residents time to decide, and give yourself time to negotiate if needed.
• Deadlines, but Chill Ones: Tight deadlines keep things moving. But a little flexibility? That earns goodwill—and good reviews. Just make sure you're consistent with grace periods across the board. If you offer an extra 3 days of thinking time to one resident, you need to offer it to every resident. 
• Stay on Top of It: Regular check-ins that feel organic and less sales-y with your team keep the process smooth. It’s not rocket science, but it does take effort.

3. Market Early, Even If It Feels Weird

I get it—marketing a unit that’s still occupied feels strange. But you know what feels worse? Empty units and rent checks that aren’t coming in. 

Here’s the playbook:

• List Early, Show Occupied: Yes, it can feel awkward. But that's why its crucial to have an ironclad process. with clear expectations (and maybe a coffee gift card for your resident), it’s doable.
• Crush the Competition: Most Property Management Companies are asleep at the wheel, waiting for 60-day notices. You? You’re out here locking in leases months in advance.
• Make it a Habit: Regularly review listings, adjust pricing, and make sure your process is airtight. Because consistency beats chaos every time.

The odds of a tenant refusing to move out are about the same as getting struck by lightning. Stop stressing and get those listings up.

Final Thoughts (and a Kick in the Pants)

Renewals aren’t rocket science, but they do require a market-intensive game plan. Early communication, strategic timing, and proactive marketing are the holy trinity of renewal success. And let’s be honest—if you’re not taking these steps, your competitors will thank you for handing them your residents on a silver platter.

At CHARLESGATE, we know how to turn chaos into cash flow. From strategy to execution, we’ve got your back. So, if you’re ready to stop fumbling renewals and start dominating your market, let’s talk.