Reasons Why Tenants Leave Rental Property
When you find great tenants, you want to keep them on your property for as long as possible. The same tenants in the long term can eliminate the hassle of finding new tenants and keep away the void period that property owners dread.
While you cannot completely prevent tenants from moving out, property owners should understand the most common reasons why tenants move out. If you understand tenant motivations, you can be proactive to ensure you reduce the chances that your tenants vacate. Read on below.
One of the most common reasons why tenants move out is because they need more space. They may need more space to:
- Work remotely
- Co-habit with a partner
- House new family members such as children and parents
- Start a business at home
In such situations, a property owner cannot simply extend the house to accommodate their good tenant’s requests. But, if you already have a cordial relationship, this could be a good time to open up a dialogue. You can ask your tenant if you could do anything to help. For example, if they need more space, you could offer them a larger property if you hold a portfolio.
On the other hand, some tenants may move because they desire to downsize. You can address this issue the same way as you would the need for a bigger space. Offer your tenant a smaller unit and give them incentives such as reduced rental rates for some months.
Changing Financial Situations
Landlords tend to increase rent on lease renewal. However, this type of situation may leave your tenant in a financial bind, which creates the need for them to move out. Besides, the tenant’s financial situation may change if they experience adverse events such as the loss of a job.
If your tenant wants to move out due to changing fortunes, you can negotiate rent rates with them. Alternatively, you can offer them another unit on your property if possible. If you take these steps to keep a trouble-free tenant, you can save yourself from expensive void periods.
Lack of Proper Property Upkeep
Tenants are likely to leave a rental property if they feel that the property is poorly maintained. Signs of poor property maintenance include dirty spaces, cracking, peeling paint, makeshift plumbing, broken appliances, and faulty fixtures.
If a tenant complains about poor maintenance, you should take it as a wake-up call to improve the state of your property. Implement a maintenance program and work on any small issues before they blow up and become costly.
Alternatively, you can hire a reputable agent to help you with property management. These professionals visit the property and carry out periodic inspections to help you catch any arising issues early and deal with them.
Security and Safety Concerns
Tenants expect that their property owners will address any safety issues as soon as they arise. However, in some cases, the lack of safety may be something beyond the property owner’s control.
For example, if an area is marred with crime, the proprietor may not be able stop the crime. However, as a landlord, you can take steps such as security camera installation to show your proactivity toward client safety. You can also hire contractors to repair any faulty windows and faulty locks to ensure maximum security.
If your tenants are worried other safety issues such as mold growth due to water damage, hire a mold remediation company to help.
If you are a property owner who holds a portfolio, it may prove difficult to keep up with your tenants. However, you can hire a professional residential property management company to help you. Reach out to New Leaf Properties LLC today.