Good tenants are extremely valuable in the property management industry, but they are often hard to come by. They represent a portion of the market that provides landlords with good, reliable business. Unfortunately, good tenants can also choose not to renew their lease for various reasons. Although rental property owners do not really have any control over some of these reasons, there are things that can be done to rectify any issues and encourage good tenants to stay. Here are some possible reasons why a good tenant might want to leave at the end of their lease.
1. Moving to a more ideal location.
Tenants usually want to live in a rental that suits their current needs, whether it is due to location, rent, or space. It could be that a tenant found another rental that is closer to their place of work, or one that is similar in terms of features and amenities but is cheaper. It could also be because they want a bigger place to live in, such as in the case of tenants who have just moved in together, gotten married, or have a new baby.
2. They want better amenities.
Some tenants move to other rentals that offer better amenities, often because their current rental is old or requires an upgrade. If the landlord ignored a problem or procrastinated on the repairs and maintenance required, a good tenant may choose not to renew a lease. It usually does not matter if the new rental is cheaper or comes at a higher rent. If the tenant can afford it, they may move to enjoy a more comfortable living space.
3. Rent was recently raised.
In property management, raising the rent can be risky, so should you decide to do it, proceed with caution. Certain forces in the market should be monitored and considered, such as seasonality and time of the year. Tenants may stay if the rent is increased by a reasonable and moderate amount, especially if it is expected.
4. Life happens.
Good tenants may experience certain changes in their lives, including marriage, divorce, graduation, health issues, etc. Some tenants may have even lost their jobs, especially at a time like this last year, where the pandemic has basically shut down the economy.
5. Trouble with the neighbors.
A good neighbor relationship is vital to a healthy living environment. If a tenant is not getting along well with their neighbors, they may choose to move to a different property.
6. They are buying a house.
Once a tenant decides to have his own place, there really is no reason for them to keep a rental property.
As you can see, there are many reasons why quality tenants may want to move out of your rental property. However, at Specialized Property Management Atlanta, we do our absolute best to retain your good tenants, but when they have to go, we have a very effective screening method to help us find another great tenant to replace them. Contact us online or at 404-596-8429 for more information.
