Avoid the loss of a good tenant by anticipating their move!
Tenants move out of their current rental due to various reasons. As a landlord, some of these reasons are out of your control, while others can be managed. Here are five of the most common reasons why renters choose to move on, and how you can possibly prevent the loss of a good tenant…
1. Cannot afford the rent
Tenants may move out because the rent has become too expensive for them as some landlords increase their rental price annually. Another reason could be their own financial situations, i.e., their income may have decreased due to a job loss or an increase in other expenses. Sometimes it can be advantageous to keep the rent low and dodge the void period… just make sure the numbers add up!
2. Time to upscale
There are a number of life events that require the need for more space. A marriage, the birth of a child, starting a home business, relatives coming to live full-time and other circumstances can force your tenant to start searching for a bigger property. There’s not much you can do to add space, but if you have a bigger rental available yourself, it might be worth mentioning it to them.
3. Neighbours
Some tenants would move if they didn't like their neighbours. This might sound like something that's out of your hands, but it is resolvable. The first thing to do is speak to the neighbours as they might not realise they're doing anything wrong. If they're renting too, the next step is to have a discussion with their landlord if the problem still doesn’t seem to get sorted. The next step after that would be to turn to the local council. Issues could be things like dogs barking, loud music and big piles of rubbish. If all of this fails and it becomes a long-term issue, this could drive the tenant to eventually hand in the notice and move out.
4. They are ready to buy
With some rental prices increasing each year and interest rates low, many are making the leap to buy homes whilst they can. This could be due to various reasons, for example, they can finally afford to join the property ladder, and they want to have their own investment, are expecting a family or relocating.
5. Maintenance problems
Maintenance issues can cause a tenant to move out because they are seeing a recurring issues or it never got sorted out by the landlord in the first place. It is your responsibility as landlord to keep the structure and exterior of the property well maintained and in good repair and provide your tenant with a safe place to live in. Landlords are responsible for: pest control, damp, gas, water and electricity, leaking roofs etc. Tenants are responsible for: doing minor repairs, such as changing fuses and light bulbs, keeping the property reasonably clean, taking out any unwanted waste etc.
By acting quickly and resolving maintenance issues as they pop up, you’re much more likely to save money in the long run by keeping a good tenant and avoiding void periods. If you’re too busy or live far away, a letting agent is a good solution, able to solve problems as they arise, especially in emergency situations.
Final thoughts:
There are a number of reasons good tenants can leave, even if they like the property they are in. Smart landlords will get out in front of these issues and find ways to keep those tenants in their property to avoid turnover costs.
If you’re looking for more tips for keeping good tenants, get in touch!