A recent survey revealed that only 36% of renters intend to remain in their current rental through mid-2023. This statistic can be alarming for landlords seeking to maintain a full rental property inventory.
Actually, there are some aspects of the property that landlords cannot alter to retain tenants permanently. Yet understanding why tenants leave might help you predict how long they will remain. You can use this information to keep your property lucrative and occupied.
Which Renters Are Likely to Move the Most?
Researchers and investigations have found that the following types of renters are the most transient:
Young Adults: Many people in their twenties and thirties relocate repeatedly for various reasons, including job changes, career progress, and general curiosity.
Renters with Growing Families: Tenants with kids or those who want to establish a family often look for larger apartments or neighbourhoods with higher-rated public schools.
Newlyweds: There is an increased likelihood of relocation for newlyweds as they begin their lives together and hunt for permanent residence.
Low-Income Renters: Low-income renters may relocate more frequently owing to economic hardship or unsatisfactory living conditions.
Students: One of the most nomadic categories of tenants is students, who frequently relocate to attend college or university.
In general, tenants who go through significant changes in their lives or who are in precarious living situations are more likely to relocate.
The Most Common Reasons Why Renters Leave Rental Properties
It’s a fact of life in the rental industry that tenants sometimes vacate the premises. Landlords would do well to investigate tenant turnover rates in order to fix problems and make their buildings more attractive to new occupants. In this article, we’ll explore six reasons why tenants may leave their rental property.
Unsatisfactory living conditions
Problems with the rental property are a leading cause of eviction. Problems with upkeep, repairs, sanitation, and vermin are all examples of this. Tenants may find their living conditions intolerable if their landlord does not maintain the property and promptly fix any problems that arise.
Landlords should handle tenant complaints in a timely and courteous manner. Tenants can be discouraged from leaving and retained for longer as a result. A preventative maintenance and repair schedule might also help keep issues from getting worse. You can do it by hiring a property management company that can do this for you.
Rent hikes are a major factor in the eviction of renters. Rent hikes are unavoidable in any healthy rental market, but they can be especially difficult for tenants to bear if they are already stretched thin.
Landlords should give tenants plenty of notice before considering a rent increase. The renter will have more leeway in their finances to make any necessary changes.
Irregularities in the sense of security
Likewise, tenants may vacate a rental property if they feel unsafe there. Problems with the property itself, the neighbourhood, or the utilities supplying it can all contribute to an unsafe environment.
Landlords should make the safety and security of their buildings a top priority if they don’t want tenants to leave. All locks and windows should be in good working order, as should be the case, and the property’s possible safety dangers should be addressed as soon as they are discovered.
Tenants often move out of rental properties because their landlords are too rigid. It’s possible for tenants to feel like their voices aren’t being heard or that they have no room for negotiation in the lease’s provisions.
Landlords can prevent this problem by being approachable and cooperative with their tenants. This can strengthen the landlord-tenant relationship and make the tenant more likely to stay for a longer period of time. Hiring a property management company can help to resolve landlord and tenant issues effectively.
Tenants may vacate a rental property for a variety of reasons, including some that are unrelated to the landlord. This may be due to a shift in their career, family, or health circumstances.
While landlords can’t change their renters’ personal issues, they can be patient and flexible when they emerge. This can take the form of accommodating the tenant’s desired lease terms or allowing the tenant to vacate the premises prior to the end of the lease term without incurring any financial penalty.
Lastly, if tenants and landlords are unable to effectively communicate, they may decide to vacate the rental unit. This can manifest in a variety of ways, such as the landlord not responding to maintenance requests or being hard to get in touch with.
Landlords that value open dialogue with their tenants will avoid this problem. One way to do this is to make your contact information easily accessible and to address questions or concerns as soon as possible. Being in touch with tenants on a regular basis can also aid in fostering a harmonious relationship and avoiding any potential for miscommunication.
Landlords that work with a property manager can improve their offers and maintain positive tenant relationships over time. In addition, if you’re working with the correct property manager, they may help you identify areas to invest in your real estate firm to increase the likelihood of keeping your tenants.
Last but not least, you can get valuable insight from your tenants by having them fill out a survey after their lease has ended. Locating former tenants and learning their reasons for leaving can be a goldmine of information. You can then modify your approach to real estate in the future to retain quality tenants for as long as feasible.