Based on a survey recently, just 36 percent reported that they intend to stay in their existing rental property by the middle of 2023. Now, if you’re a landlord who wants full occupancy, this data is a matter of concern. Again, there are many disputes and problems between tenants and landlords. According to an article published in Huffington Post, when taking repossession, many landlords discover that their sofas are torn, appliances are damaged, and the floor is covered with stains.
To be honest, there are certain things you can’t do with the house to ensure tenants stay for a long time. Then, understanding why tenants leave can help you foresee how many months they will stay at the property.
Owning a home
Based on the recent findings by Buildium, it was indicated that 35 percent of renters planning to move or buy a property, especially young individuals as well as middle-aged couples. Owing to the significance of buying a house, several renters save money regularly to prepare for a down payment to own a property. And when these people get a high-paying job, or due to the arrival of a new member of the family, or when the market is sound, they grab the opportunity to buy a new house or apartment and leave the landlord’s property. The landlord’s house remains unoccupied in such situations. This is a great loss financially if the property remains vacant for many months or years.
Better amenities
Sometimes, as a landlord, you try to add more amenities to ensure tenant occupancy. Even then, 22 percent of tenants decide to vacate a property and move to a new one that has enhanced features or amenities suiting their lifestyle. Young adults look for better amenities as well as middle-aged people with families and kids. So, if you need assistance to manage your property efficiently without incurring a financial loss, look up Wilkinson Property Management of Fredericksburg.
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Some families have pets and so they like villas that are more spacious with a front garden so that their kids can play with a dog or cat in the house. So, landlords need to realize what amenities tenants want and include them to prevent tenants from moving to some other place.
More space
Space is another key reason why tenants move to bigger homes. Did you know that 18 percent of tenants move out as their family requirements have changed? A family with two kids will require extra bedrooms. Work-from-home professionals may need to set up a spacious home office that is permanent. What landlords can do is invest in houses of varied sizes in the same neighborhood because improving the space of an existing property is not always possible or feasible. It will help you convince tenants to shift to another, more spacious property. This is one of the best ways to retain your tenants.
Conclusion
Now that you’re aware of the major reasons why tenants vacate properties, figure out ways to keep them in your existing or another villa or apartment.
