Knowing exactly why your amazing tenants are wanting to leave will significantly increase your chances of being able to convince them to stay. Other than the reason of moving to another city to follow a great job opportunity or because they are growing their family and now require more space, there are a few culprits that tend to cause the best tenants to want to leave a rental. Here are five of the most common!
- The cost no longer makes sense. The rent you chose may have been perfect at the time, but if you are not doing your research to stay on top of the trends in your area, you may end up increasing the rent by too much that your tenants no longer believe they are getting a good enough deal.
- The neighbours have become an issue. While this may not have anything to do with your rental unit, no one likes having loud, scary, or disruptive neighbours. This alone can cause tenants to want to leave. If the problem neighbours belong to a different landlord, consider contacting the other landlord to sort the issue out. If the problem neighbours are also your tenants, tackle the problem head on before you lose the tenants you love.
- You aren’t communicating well. Tenants want to feel like they are able to be open and honest with you; they also expect to be heard and talked to respectively. If you are not answering their queries or concerns in a timely fashion, or in a professional and friendly manner, your tenants may wish to find something new. No one wants a landlord that is only in it for the money, and actually has very little care for their tenants.
- You are ignoring their repair needs. A lack of attentiveness is a huge negative for tenants. If their air conditioning unit blows on a Friday morning in the middle of summer, don’t make them wait until Monday, suffering through the sweltering heat, just because you could not be bothered to call someone in for repairs at short notice. A little goes a long way!
- They’re ready to own their own home. Unfortunately, this is not something you will be able to convince them out of, but making their lives easier by not causing issues with their wish to cut the lease early (or not renew) will go a long way in terms of your reputation.