Tenants have the flexibility to be on the move, however, having renters moving in and out can put a serious dent in your bottom line. Understanding the reasons tenants leave is your best bet to ensure they remain in your properties long term.
Many tenants simply cannot afford to pay higher rent prices and look for more budget friendly options. Be sure to stay on top of your local trends, even when you have no vacancies. If properties in your neighbourhood are renting for significantly less than yours, it can create a high vacancy situation for you.
Changes in the Rental Situation
Some tenants are simply afraid. They may be worried about how much you may raise the rent when they need to renew their lease. Or they could be afraid you will evict them because they’ve fallen a few days behind on rent, or have had the odd complaint made about them. Sometimes new property managers create uncertainty in your rentals as well, causing your tenants to flee. Reassure your tenants by setting clear expectations. Ask your loyal, long-term renters their opinion when bringing in new management, or when changes are about to take place. You want your tenants to feel that their opinions matter.
They’ve Outgrown the Space
A lot of people are tired of living in cramped spaces and need to have more space than before. Many families are moving toward single-family home rentals or larger condo options to meet their need for extra space.
They Want to Buy
With the increasing cost of rent, there are many times tenants can buy their own home for cheaper that the cost of rent. If you are losing a tenant because they are ready to become homeowners, make the best of the situation. Return deposits in a timely manner, ask for a review and give them well wishes. If you can, get them to buy a home from your portfolio.
They Don’t Like the Neighbours
No one likes an awful neighbour. Whether they’re too loud, they’re rude or they have an annoying pet, neighbours can cause huge issues for other tenants. A bad neighbour can be reason enough for a great tenant to leave. In dealing with tenant relationship issues, keep open lines of communication and listen to complaints. Address any issues in a timely manner and try to come to an agreement to keep both parties happy.
There are many reasons good tenants may leave your rental properties. If you need assistance dealing with vacancies, Ultimate Property Investments can help!