As every property manager knows, the most straightforward way to stay vacancy-free is to renew the lease with your current tenant. Unfortunately, it's not always that simple. When your tenants move out, it's good to get feedback to understand why in case there is a problem you're able to mitigate as the property manager.
Is the property or its amenities causing them too much trouble? Do they have problems with the neighbors? Did the price seem unfair when compared to other options? Or, are they just going through some life changes and need to adjust their living situation?
The most common reasons why tenants move out fall into just a few categories:
The rent is too high. Whether they had a change in their income, you raised the rent too dramatically, or they just found a cheaper place nearby, the cost of rent is the most common reason why tenants don't resign leases.
They need more space. As life evolves and things change, there are a lot of reasons why a tenant might want to seek more space. Perhaps they received a pay raise and simply can afford to scale up. They may need to accommodate a growing family, whether they're moving in with a significant other, having children, or adopting pets. Alternatively, they may even be looking to save money by getting a bigger place with more roommates to split costs with.
They need less space. Downsizing is another common reason people choose not to renew their lease. Whether they're ready to live on their own without roommates and are looking for a smaller place of their own, they're going through a separation or divorce, or they're trying to scale back on living expenses, life happens!
They have problems with the neighbors. Neighbor feuds aren't always as lighthearted and entertaining as the movies make them out to be. In some cases, your neighbors can make a dramatic impact on your quality of life. Being in such close quarters with neighbors, it can take a large emotional toll on you when they're noisy, disruptive, untrustworthy, or intimidating. It's important to have a good, or at least passively courteous, relationship with your neighbors.
Tenant turnover happens. Property managers can take steps to try to alleviate the factors that cause it, however at the end of the day, your tenants are people who experience the ebbs and flows of life, just like the rest of us. Most of them will likely tell you "it's not you, it's me."
When tenant turnover does happen, Showdigs is here to help you fill your vacancy fast so you don’t lose vital income. Contact the team to learn more.