No one likes to see a good tenant move out of their property, for one, because good tenants can be hard to come by and having to deal with constant vacancies can be a nightmare. To prevent your property form having a high turnover, it is important for you to understand the reasons why this might happen in the first place. There are a number of reasons why tenants might leave a property, and having an understanding of these will be key to helping you convince them to stay longer.
#1. The property might be too expensive
The rent for the property might to too expensive for them. Who knows, they might have lost their jobs, perhaps added a new family member or may want to start saving more.
- Convincing them: If reducing the rent by C$62 a month makes the tenant stay, then it’s worth it because you might end up spending more trying to fill the vacancy.
#2. They need more space
Tenants may choose to leave due to the fact that there is not enough space at the property. They might have had a child, gotten married, started a business, bought a dog or experienced other significant life events.
- Convincing them: If you have a larger property available, you should let the tenants know about it, as it could be exactly what they are looking for.
#3. Less space
Sometimes people actually leave places where there is too much space or the property is too large for them. They might have gotten tired of keeping a bigger space or perhaps have had their children go off to college.
- Convincing them: There might be little you can do about the fact that your property is too large, but if you have other available vacancies that will meet their requirements then let them know about it. You could offer them an incentives, such as reducing the monthly rent and a free parking space.
#4. Maintenance issues
Maintenance problems can cause tenants to leave. They just may have had enough of having to deal with leaky roofs, clogged drains, or even pest problems. If you’re having such issues with your property, you can be sure no tenants are going to be happy having to live with them, and they will need to be taken care of.
- Convincing them: Always attending promptly to maintenance issues will usually be enough to keep tenants happy. Have an easy way for your tenants to contact you, whether through a dedicated phone line or email address.
#5. Job Change/Relocation
Some tenants move because their jobs. They may have changed jobs and might be paid more or less than their previous one. For this reason, they may be looking for a rental that is more or less expensive than your property.
The tenant might also have to leave because they are going through a job relocation, which might mean that they have to move quickly.
- Convincing them: In this case there is nothing you can do to keep them from leaving. If the tenant is looking to stay in the area but has changed jobs and is looking to either improve their dwelling or cut costs depending on their new income, you might reach a compromise by offering to reduce the rent or upgrade the property, if they are willing to stay.
If you would like to have your tenants stay for a long time, it is of great importance that you keep them happy by responding promptly and proactively to their needs.