The reasons why renters leave their condos have become increasingly varied and difficult in recent years. Your success as a lessor is not guaranteed even if you own the best rental property. There are unforeseen events, such as pandemics or natural disasters, that can compel tenants to leave your property abruptly. Additionally, you could occasionally run into issues that you weren’t prepared for, which will have a significant impact on your tenancy services.
You can try to relieve your renters’ concerns as much as you can on your end. So that they won’t feel the need to leave in the near future, you need to keep your tenants comfortable and safe.
Maintaining a positive relationship with your tenants will help them stay put even in challenging circumstances. Here are the reasons why tenants move out and how to prevent these from happening:
Rent is too expensive
Tenants move out mainly because of financial reasons. When renewing a lease with a tenant, a landlord may think about raising the rate; however, did you know that it costs more to locate a new tenant than it does to maintain your present one at the same monthly price?
You must invest money advertising your rental property and fixing any damage left behind by past tenants if you want to find a new tenant. Even when no one is residing in your apartment, you still have to pay the costs and monthly dues.
Issues with neighbors
Making sure your tenants live in a secure and comfortable environment is your duty as a landlord. But you never know what their neighbors will be like. Sometimes, they might be unruly or disrespectful. Bad tenants in the neighborhood can be one of your renter’s key reasons for leaving the apartment entirely.
As a landlord, you can take a proactive stand by talking to these unruly neighbors. You can encourage them to stop the disrespect by reminding them of the legal repercussions. This manner, you can keep your tenants comfortable and safe.
Ignored Repair Requests
One of the factors that can cause your tenant to leave is the ignored repair requests. Maintaining your property in a good condition is one of your primary duties as a lessor. As soon as a repair request is made, take care of it so that your tenant continues to be satisfied with your service.
Your renters should be able to reach you with ease. Ensure that you are reachable by phone, text, or email so that you can reply to requests for repairs right away. This is particularly important in emergency situations. Plus, it’s also important to be proactive with repairs!
Major Job or Life Changes
Tenants occasionally have to move out for valid reasons. They might require a new house/bigger space for their family or they might have found a new job in a distant city. There isn’t much you can do in these situations aside from continuing your positive relationship with them in the hopes that they may recommend new tenants for your apartment.
More options in the renter’s market
A renter will be more likely to choose another rental property if there are more affordable and superior options available to them. If this is one of the reasons tenants leave your property, then you need to become their best option or first choice forever. How will you do that? By keeping your satisfied customers pleased and cultivating a good and healthy relationship with them!
If you treat your customers poorly, it doesn’t matter if you’re renting out the fanciest property - you won’t keep them! That is why M Property Group & MF Cashflow Property Management makes sure that we give your tenants every incentive to stay. We make sure to give excellent services for a positive relationship.
M Property Group & MF Cashflow Property Management has over 65 years combined experience in specialized full-service property management and real estate services to fit your needs as a landlord. We tailor our services to ensure that you have the highest level of service for your home. We treat your investment as our own. Our comprehensive service package includes property management, leasing, property inspections, applicant screening, evictions, and real estate acquisition and sales. We manage and lease residential homes, condos, townhouses and multi-family buildings and portfolios that range from one unit to 100 units and more.
Call M Property Group LLC & MF Cashflow Property Management today at 708-719-0977. We are here to help maximize your profits and minimize your headaches.