Avoid losing a good tenant by anticipating their relocation!
There are a variety of reasons why tenants choose to leave their existing tenancy. Some of these factors are out of your control as a landlord, while others are within your power as a landlord. Here are five of the most frequent reasons why tenants opt to leave their current rental property, as well as some suggestions on how you might potentially avoid losing a good tenant…
1. Unable to pay the rent.
Tenants may decide to vacate their premises because the rent has become too costly for them, since some landlords raise their rental prices on an annual basis. Another factor might be their personal financial circumstances, such as a fall in income as a result of a job loss or an increase in other costs. Keeping the rent low and avoiding the void period might be useful in some situations… Just double-check that the numbers add up!
2.Time to upsize.
There are a variety of life events that necessitate the need for more living space. A marriage, the birth of a kid, the start-up of a home business, the relocation of relatives, and a variety of other events may compel your renter to begin looking for a larger house. However, if you happen to have a larger rental property available yourself, it could be worthwhile to suggest it to them. There isn’t much more you can do to make more room.
3. Your next-door neighbours
Some renters might consider relocating if they didn’t get along with their neighbours. Even if it seems to be a situation beyond your control, you might have the ability to resolve it. The first step is to communicate with your neighbours, who may not be aware that they are doing something wrong. If they are also renting, the next step is to have a conversation with their landlord if the situation does not seem to have been resolved. After that, the next step would be to approach the local council for assistance. Dogs barking, loud music, and large mounds of garbage are all examples of issues that might arise. If all of this fails and the problem persists for an extended period of time, the tenant may be forced to provide notice and vacate the premises altogether.
4. They are prepared to make a purchase.
With some rental costs growing each year and loan rates at historically low levels, many people are taking the plunge and purchasing houses while they still have the opportunity. This might be due to a variety of factors, such as the fact that they can finally afford to go on the housing ladder and want to have their own investment, that they are expecting a baby, or the fact that they are moving elsewhere.
5. Maintenance issues
Maintenance concerns might drive a tenant to vacate their property if they are experiencing a reoccurring problem or if the problem was never resolved by the landlord in the first place. It is your obligation as a landlord to ensure that the structure and exterior of the property are properly maintained and in excellent condition, as well as to offer your tenants with a safe environment in which to dwell. Pest management, damp, gas, water, and electricity, as well as leaky roofs, are all responsibilities of the landlord. Tenants are responsible for the following: doing basic repairs, such as replacing fuses and light bulbs, keeping the property relatively clean, disposing of any unwanted rubbish, and so on.
It is far more probable that you will save money in the long term if you act fast and resolve maintenance concerns as they arise, since this will allow you to retain excellent tenants and prevent void periods. If you’re too busy or live a long distance away, a letting agency is a suitable choice since they are trained to deal with difficulties as they occur, which is particularly important in emergency circumstances.
Finally, some last thoughts:
There are a variety of reasons why excellent renters may decide to leave a home, even if they like their current residence. Smart landlords will anticipate these challenges and devise strategies to retain those renters in their properties, in order to reduce turnover costs and increase profits.
For additional information on how to retain excellent renters, please contact us.
