Why Good Tenants Move Out and How to Make Them Stay?
Why good tenants move out:
Many reasons make tenants move out of rental properties.
For some renters, the reasons are beyond their control.
However, they sometimes move before they prefer another rental.
As a homeowner, you may have concerns over vacancy in your rentals.
Don’t worry; there are a few things house owners can do to make tenants stay.
So, check out the following reasons why good renters and how to deal with them:
1. Inability to afford the rent
In some cases, the rent may be too costly for a renter.
Resultantly, they may move out.
In lots of circumstances, the property owners might not have increased the rent.
Also, the tenants may have lost their jobs and receiving a lower income.
Alternatively, they may be dealing with some expensive medical bills or other expenses.
In this regard, here are tips for house owners to deal with this:
- Help them relocate
If you own another apartment whose rent is cheaper, you can help the tenant relocate there.
- Lower the rent
Also, you can choose to reduce the rent.
Firstly, speak with the renters to reach a conclusion on how much they can pay.
Although you can let them leave, you may have to pay a lot to get new tenants.
So, reducing the rent will likely offer more advantages for landlords.
2. Unit is not big enough
In addition, it is possible that the unit is too small for the tenant.
There are lots of reasons that can necessitate a larger space.
Notably, these reasons include pet adoption, marriage, home business, and childbirth.
The following tips for landlords can help tenants stay:
Provide them with larger apartment
In case you have a vacant unit that is larger, the tenants can move into it.
Upgrade their current unit
There are certain upgrades that you can do to make a smaller unit more comfortable.
Sometimes, the upgrades may be able to convince the tenants to stay.
Generally, the upgrades include changing the flooring and adding more appliances.
3. Unit is too large
Certain situations may make the renters prefer smaller unit.
These situations may be as a result of a divorce and separation of roommates.
Here are a few legal tips to deal with this:
- Give the renters smaller unit
Provided you have a smaller unit, offer such a unit to the renters. If it fits their need, they may just take it.
- Provide them with incentives
Try to provide your renters with an incentive. The incentives may be lower rent, new kitchen design, or free parking space.
4. Job relocation/change
If your renters change job, they may need to leave your rentals. Irrespective of the income of the new job, they may need to find a more suitable home. This may be because of location, need for a larger unit and so on.
Sadly, you can hardly do anything about this. You just have to find a new tenant. If you need a new renter, contact Reneza. We will utilize technologically advanced method to help find a new tenant.
Job change with higher income
The renter may want to move out because of getting a job with higher income. To make the tenants stay, upgrade their current units. With the upgrade, you can charger a slightly higher rent.
Job change with lower income
If the renters change job and get lower income, they may be unable to pay rent. In case you have a cheaper unit that is vacant, offer it to them.
5. Maintenance problems
In some cases, renters can move out if there are maintenance issues.
These issues may include leaky roofs, clogged drains or pest infestations.
Fortunately, if you maintain your property properly, you can avoid the issues.
And if they occur, they are mostly under your control.
Maintain your rentals regularly
Importantly, maintain your property from time to time. With this, you can prevent any maintenance issues.
Deal with the issues quickly
If any problems occur, fix them quickly.
When you fix them quickly, the tenants will know you care about them.
Therefore, they will stay.
Also, it is important to make yourself accessible for the renters.
Notably, contacting you can be through email or phone line.
6. Issues with neighbours
If your tenants have regular problems with their neighbours, they may move out.
This may be because of disturbance, physical clashes or certain safety concerns.
Screen your renters properly
Foremost, you have little or no control over the next-door neighbours. However, you have control over the kinds of renters in your rentals. Nevertheless, proper tenant screening can help you avoid bad tenants.
Establish quiet hours policy
If noise is a problem, establish quiet hour policy. You should penalize any violators with eviction. Without a doubt, this will encourage all tenants to comply with the policy.
7. Desire to Change Neighbourhood
Furthermore, your renter may decide to try out another neighbourhood.
They may want to leave the neighbourhood due to security concerns.
Also, they may desire to change school districts or experience a new neighbourhood.
Generally, convincing a renter to stay is usually difficult. However, you can give them incentives. Also, incentives may make them change their mind.
Give them another location
If you own another property elsewhere, offer the renters. Possibly, they may like the location and choose to rent your property.
8. Divorce, separation or marriage
Marriage, separation or divorce is a good reason for the change of rentals.
Basically, the change in relationship status may affect their finances.
Or it may make them desire to start afresh elsewhere.
Provide them an alternative or incentive
If you have another property that is vacant, offer it to the tenant.
If they like it, they may take it.
Alternatively, you can offer them incentives like a free parking lot or minor upgrades.
9. Renter’s market
Sometimes, the market may become a renter’s market.
Simply put, it means the demand for apartments is lower than the available apartments.
In such a case, there are lots of options for the tenants to choose from.
As a result, your renters may want to move to a cheaper or better unit.
Luckily, there are a few things you can do at this point.
Lower the rent
Sometimes, reducing the rent may be enough to make the tenants stay. Nevertheless, if it doesn’t, there is little you can do.
Upgrade the unit
If the renters want better apartments, you can upgrade your own to meet their taste. In general, the upgrades include installing new appliances or carpets.
10. Change in the status of a voucher
If your tenant is on a government voucher, this may determine their stay.
If the amount of the voucher reduce or increase, they may need a smaller or larger unit.
Give them a unit that suits their needs
If they need a bigger unit and you have one available, offer them.
In case they need a smaller one too and you have a suitable one, give them.
Overall, offer them what they need if you have it.
For more legal tips on retaining tenants, visit Reneza.
Primarily, we proffer various top-notch solutions that can help homeowners.