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Why Tenants Leave and How to Help Them Stay - Part 2

Web Admin - Wednesday, August 30, 2017

Have you found that working as a landlord is mostly just moving tenants in and out? Do you feel like your properties are more like fancy hotel rooms rather than actual homes?

If you do, some of that feeling just comes with the territory. Part of the convenience you offer your tenants is the ability to make a clean exit once their leases run out, which means you’ll deal with a lot of coming and going. However, if you’re seeing a high turnover rate, chances are good you don’t fully understand what is going on and what you can do about it. 

In our last blog, we shared three common reasons why tenants pick up and leave, including expenses, neighborhood preferences, and job complications. We also shared some strategies you can use to try to change their minds. In today’s blog, we have three more reasons why tenants move on and some ways you can combat the issue.

Reason 4: Need to Downsize

Tenants downsize for many different reasons, but some of the most common reasons include being tired of maintaining a larger property, having children head off to college, or separating from a significant other. Whatever their reason may be, there are things you can do to try to keep their business. 
  • Help them stay: Hopefully, you have a smaller unit you can offer this tenant. If you don’t, it’s time to turn to incentives like lower rent, kitchen or bathroom improvements, or a free parking space. If none of your incentives work, you can at least move forward knowing you did everything you could. 

Reason 5: Need to Expand

This is the opposite of the above scenario—a tenant needs more space because they’ve gotten married, adopted a dog, had a child, started a business in their home, or another life event. They may need more storage space, a bigger kitchen, another bathroom, or an extra bedroom. Basically, their current unit is not meeting their needs. 
  • Help them stay: In this situation, the best you can do is hope you have a bigger property to offer your tenant. Chances are good that incentives won’t do as much good. However, it’s worth trying everything possible to find a situation that works out for everyone. 

Reason 6: Neighbor Issues

Ah, neighbor problems. Every community has them. Whether it’s noise, dangerous behavior, or other objectionable characteristics, some tenants will leave because a neighbor is too much for them to handle. It might not even be something as concrete as a noise complaint; some people just don’t get along. The thing is, a home is supposed to be a sanctuary. If your tenant cannot find sanctuary in their own home due to the behavior of neighbors, they will want out. 

Help them to stay: Make the most of what you can control. Unfortunately, you can’t always control the next-door neighbors. However, you can control the tenants you accept into your property. You can control policies, like quiet hours, that can give you a reason for eviction if a tenant continuously violates them. Making sure your community has high-caliber people and fair, clearly-communicated rules is key to retaining your best tenants and building a great reputation. 

The property manager team at Broker One Rentals has years of experience with rental properties in Wyoming. We understand the unique challenges you face as a landlord, and we are here to do the heavy lifting. Let us market your properties, screen your tenants, and handle maintenance. You can focus on connecting with your tenants and giving them compelling reasons to stay. Contact us in Bar Nunn to get started today!