4 Reasons Why Tenants Move Out
You got a good tenant, and you don’t want to lose them.
It’s a harsh reality in the real estate market that it doesn’t matter how good a tenant is, they will move out sooner or later. With that said, following we are going to explain why tenants leave!
1. They Cannot Afford the Rent
Tenants move out because the property has become just too expensive for them. Their income may have gone down, or they have trouble keeping up with their daily expenses. So, if this is the case, and you don’t want to lose your tenant, you can try the following solutions:
· Try Relocation
In case you have another vacant unit, especially one that is cheaper than their current one, you can offer them to move into that specific unit.
· Offer a Discount
You can offer to reduce the monthly rent. If reducing the rent by a small percentage can help you keep your tenant, then do it by all means.
2. The Unit has become too small
The tenant might move out because they now need more space. It’s possible they got married or have children. There are other reasons like they want to start a business or they just bought a pet. In this case, they will move out to another property that will suffice their needs. They won’t butt their heads with you.
If you want to keep your tenant, you can try the following solutions:
· Offer an Upgrade
If the space is too small for them, you can still make the stay if you upgrade their unit. For instance, you can replace the old carpet with a new one. You can retile the shower, or give them a few stainless steel appliances. These will incur minor costs, but they will help you keep your tenant.
· Offer a Larger Unit
If you have bigger flats for rent in Aberdeen, then you should offer it to your tenant. Don’t worry; you can renegotiate the terms. But at least you get to keep a good tenant.
3. Job Relocation
In most cases, the tenants move because they have a job change. The new job might come with better income and perks. This will force the tenant to move. Honestly, there is nothing you can do here if the tenant is moving to another city. But if they are staying in the same city, you can try and keep them by offering them to upgrade their unit. Don’t worry, you can ask them for a slight increase in rent for your efforts.
Don’t worry; it will pay off in the long run.
4. Maintenance Issues
There are instances when tenants choose to move out due to maintenance issues with the rental unit. If they are tired of dealing with the issues of the building like a leaking roof or a pest problem, you can try and keep your tenants if you stay on top of the maintenance. This will require some effort from your side but will help you keep a tenant for long.