Constant vacancies in the rental property can become a serious headache for any landlord. However, understanding the reasons as to why tenants leave your rental home can help in resolving those issues. This will consequently keep your rental unit occupied and also maximize cash flow. Below is a list of the most common reasons tenants leave a rental property:
- Your property is too expensive: A tenant might leave your rental unit because it has become too expensive for him and he is unable to afford it anymore. This could happen if he has lost his job or just willing to save more. Therefore, be sure to set the correct rental price beforehand. Apart from this, you can convince your tenants not to leave by either reducing their rent or offering some discount (if you own multiple properties).
- They have issues with neighbors: Noisy or troublesome neighbors are not liked by anyone and this could probably be one of the reasons why your tenants want to leave. If there are problematic tenants in your neighboring units, immediately contact him to explain the situation. Also, keep in regular touch with your tenants so that you are aware about any complaints they might have about the neighbors.
- Maintenance problems: Your tenants may be facing frequent maintenance issues like leaking pipelines, broken door handles or clogged drains etc. Therefore, it is important to keep your property in excellent condition and address any maintenance issues as early as possible. Always make it easy for tenants to contact you in case any repair work is required in the property.
- They want to downsize: Tenants might decide to move out of your rental property if it is too large for them. It could be possible that their children have moved out and they don’t require a big home anymore. Maintaining a big space may also take up a lot of effort and they might not be interested in doing it anymore. In case you have a smaller unit, you can offer the tenants to rent it.
We, at Hunter Rentals & Property Management, can help you to retain your tenants by offering comprehensive maintenance and management services . For more information, you can call us at (254) 634 - 3311 or visit our office at 1503 W Stan Schlueter Lp, Killeen, TX 7654.