One primary reason people tend to leave a rental property is when the cost of renting becomes too high.
Often the industry fixates on the nightmare tenants and overlooks how great some tenants can be. When we get great tenants, it’s hard to see them go, but there are lots of reasons that they may choose to vacate a rental. Some of the most common reasons are detailed below with tips on how you might try to keep that great tenant in your properties.
Expense
One primary reason people tend to leave a rental property is when the cost of renting becomes too great. This may be because your rental rates have gone up, or it may be because their income fell (through a change in job or a loss of employment). Whatever the reason, when they can no longer afford the cost of their rental they decide to leave. One way to keep your property attractive to tenants is to offer relocation to a smaller, cheaper unit or to offer them a discount. For a really good tenant, it could be worth it.
Space Needs
Another primary reason people move is that their space needs change. There could be many reasons they don’t feel the small area is working anymore, from marriage or welcoming a new child to starting an in-home business. Or perhaps they have more space than they need or want and could be looking to downsize their current living arrangements. Whatever their reason, you could keep them as tenants by offering to relocate them to a unit that fits their needs, if you have it available.
Issues with Neighbors or Area
Some tenants may choose to leave a rental if they constantly butt heads with another tenant. You can’t do anything about personality conflict, but if the issue is noise complaints consider implementing a quiet hour policy. They also may look to leave if the neighborhood begins to make them feel unsafe or if they are looking for different amenities or characteristics, like a specific school district, better pet policy, or a pool. If you own multiple properties, see if one of your other properties fits their needs and offer a relocation.
Renter Market
When there’s more supply than demand, tenants may feel like they should take advantage of the market and move to a place with more space or amenities. It’s not that they dislike your property, but they feel they could get more for their buck. In this situation, you’re at the disadvantage (because you’ll have a vacancy if they go and you’re at a disadvantage in the market). Offering discounts on rent or additional perks like a free parking space are also excellent ways to retain tenants.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.