This year presented so many unique and challenging reasons why tenants move out of their condos. From natural calamities to global pandemics, the number of reasons why tenants leave has increased at an alarming rate this year.
Having the best rental property won’t ensure your success as a lessor. There are situations beyond your control, like pandemics or calamities, that may force tenants to move out of your property so suddenly. Sometimes, you’ll also be faced with problems you didn’t expect beforehand, which will impact your tenancy services greatly.
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What you can do on your end is to alleviate your renters’ worries, as much as possible. You need to keep your tenants safe and happy; so that they don’t feel the need to move out in the foreseeable future.
Maintain that good relationship with your tenants, to encourage them to decide against moving out, even during difficult times. Check out the list below of reasons why tenants move and how you can prevent these from happening at your property:
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1. Rent is too expensive.
Financial issues are the main cause of why tenants move out. As a landlord, you may consider increasing your rent when renewing a contract with a renter; but did you know it’s more expensive to find a new tenant than it is to keep your current one at the same rent price?
To find a new renter, you need to spend on advertising your property and repairing any damage caused by previous renters. You also have to pay your condo’s monthly dues and bills when no one is living there.
Keeping your current, good tenant is more cost-efficient than finding another good tenant who’s willing to pay your raised rent costs. So how do you find the middle ground with your renter if they really can’t afford your rent anymore?
If you have a vacant unit available at a cheaper price, offer to let them move into that unit, instead. If they want to stay in their current unit, strike a deal with them to lower their rent for a few months and then bring it back up. This way, they’ll have time to save up for the raised rent price, and you won’t lose too much money by losing your good renter.
2. Bad neighbors.
As the landlord, it’s your responsibility to make sure your renters live in a safe and comfortable environment. However, you can’t always control what their neighbors are like. Sometimes, they can be rowdy, unruly, or rude. Bad tenants in the neighborhood might be one of your renter’s main reasons for leaving the apartment entirely.
As a landlord, you can take a proactive stance by talking to these rowdy neighbors. You can remind them of the legal repercussions of their behavior and gently encourage them to stop their rude conduct. This way, you can help keep your tenants happy and safe in their condominium.
3. You don’t keep your promises.
You are responsible for the promises you keep as a landlord. If you really want to maintain a good landlord-tenant relationship, you have to keep whatever promises or deals you make with your renters to win over their trust.
Don’t back out on deals suddenly. For example, if you do promise to lower your tenant’s rent temporarily during a pandemic, don’t take that promise back without warning. Don’t make promises you can’t keep, just to keep them happy.
Deliver on your promises to ensure your tenant really trusts you. Don’t let mistrust be your renter’s reason for moving out permanently.
4. Ignored repair requests.
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What are some reasons that could prompt your tenants to move out? An ignored repair request may be one of them. One of your main condo responsibilities as a lessor is to keep your property in good shape. When a repair request comes up, address it right away; so that your tenant stays happy and satisfied with your service.
It should be easy for your renters to contact you. Make sure you’re available via call, text, or e-mail; so that you can respond to repair requests immediately. This is especially important for emergency situations, like burst pipes or broken wiring.
It’s also important to be proactive with repairs, in the first place. Ask your tenant to regularly check their unit for leaks or damages. This way, you can address issues right away and show your clients that you’re looking out for their safety.
5. Unexpected life changes.
Sometimes, unexpected problems get in the way of a good tenancy agreement. Unpredictable occurrences, like the COVID-19 pandemic, can really throw you for a loop if you’re not prepared to adjust accordingly.
Always be open to adjusting to difficult situations. When unexpected life changes occur, an open mind will help you tackle them with grace and reason. Additionally, stay up-to-date with safety protocols and current events. Doing so will allow you to act immediately if unexpected life changes do occur.
It’s also important to always keep your tenants in the loop during unforeseen circumstances. Let them know what to expect when you’re finding solutions to sudden challenges. This will help them stay calm, cool, and collected, even during difficult times.
6. Unsafe living conditions.
Imagine you’re a renter. How do you know when it's time to move out? Unsafe living conditions are one good indicator. As a lessor, you’re responsible for ensuring a safe living environment for your clients. If your renters are worried about their health in your property, it’s not their fault for thinking about why moving out might be good for them.
Unsafe living conditions are one of the main reasons tenants give for moving out. Avoid these issues entirely by conducting periodic maintenance inspections, to ensure their safety and health in their living space.
7. Unruly roommates.
Not every unit will be perfect. If you have different renters living in the same apartment unit, they’ll either get along really well or not, at all. A good tenant of yours might take an unruly roommate a sign to let go and move out if they refuse to clean up their act.
All your tenants should adhere to the guidelines you set. When one renter doesn’t stick with them, this might become a basis for others to move out. Avoid trouble from brewing by enforcing your rules effectively among all the housemates.
Consequently, ensure a smooth transition when a roommate leaves. Make sure your remaining tenants remain satisfied with you as a landlord. It also helps if your remaining clients’ rent doesn’t change, despite the previous roommate moving out. This way, your current clients may recommend other renters who are interested in your tenancy services.
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8. Slow response to complaints
Put yourself in your client’s shoes. If you always have a hard time getting hold of your landlord, would you be happy about it? When your landlord is slow to respond to complaints, then it’s certainly a valid reason for you to consider the question, “What should I do if I want to move out?” for yourself as a tenant.
Put your landlord hat back on and remember to always respond quickly to your clients’ complaints. Avoid this issue by preempting it with these good landlord practices.
9. Unprofessional landlords.
Leasing is a business. When you run a business, you need to exude professionalism to your clients. One landlord hack to a successful leasing business is to always deal with your clients professionally. Communicate with them clearly, respond to them on time, and always be courteous when talking to them.
Your tenants are your clients; treat them with respect, and they’ll respect you right back.
10. Feeling unappreciated.
In line with treating your tenants with respect, you need to ensure your renters feel appreciated, too. One of the ways to lock down a property tenant is to foster mutual respect and appreciation. If you treat them unprofessionally or breed resentment with how you act, they’ll consider moving out.
Remember: good tenants are hard to come by, especially in a pandemic. Let them feel appreciated to foster that good landlord-tenant relationship.
11. Major job or life changes.
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Sometimes, tenants need to move out for good reasons. They might have landed a new job in a different city or need a new house for a new family. In these cases, there’s little you can do other than maintain that good relationship with them; so that they can suggest new renters who can rent your unit.
However, for other life changes, they might be a little more flexible. If your client is promoted to a higher salary, offer to upgrade their unit in exchange for higher rent. If their salary lowers, offer to reduce their rent or let them move into one of your cheaper units. Keep your good clients happy; so that they continue benefiting you in the long run.
12. Marital or relationship problems.
Relationship problems are messy for everyone, even landlords. When a renting couple has serious relationship issues that affect their living situation, you need to be one step ahead of the game and anticipate an abrupt move-out.
Avoid those sudden vacancies by offering any of your rentals if and when one of them decides to move out. Soften the blow of a messy break-up by offering incentives to the person who keeps the unit. There’s no need to get involved in the relationship drama, but you’ll certainly make things less stressful by being a considerate landlord.
13. More options in the renter's market
When there are more options for a renter to choose from, they’ll be inclined to find cheaper, better places to live in aside from your property. If this is one of the reasons why tenants move out of your property, then you need to become their best option of all time.
How will you do that? You can be their best option out there by following the pieces of advice on this list. When you’re a professional, respectful, and friendly landlord who can adjust to tough circumstances, you’re more likely to keep your renters than lose them, in the long run.
It helps to foster that good, healthy relationship with them, to help keep this list of reasons why tenants move out short from your end. By being a considerate landlord, you will keep good clients and benefit from this, too.
There are numerous valid reasons why tenants move out every year; and 2020 certainly provided a lot of good reasons, too. It’s very possible to keep your clients from moving out, even during a crisis such as a pandemic.
Even if you’re renting out the fanciest condo unit in the world, you won’t keep your clients if you treat them poorly. When you foster a professional and healthy relationship with your renters, you’re more likely to keep them through thick and thin.
Give your renters every reason to stay with you. Provide them great service and beautiful homes for that happy landlord-tenant experience.