Why Tenants Move and How Property Managers can Take Advantage
Rental property owners understand that old tenants are eventually going to move out and new tenants will move in. While the flux is inevitable, there are things that can be done to keep tenant turnover at a minimum or attract new tenants to a property. Property managers such as Martin Feinberg make it their responsibility to keep good renters happy and in their rentals for as long as possible while also making vacant properties look appeal to a variety of perspective tenants. One of the ways that they do this is to pay attention to why tenants move from one place to another.
Below are the top four reasons that tenants move in and out of rental properties and some things that professional property managers can do to help attract new tenants while helping good tenants choose to stay.
As people age, many of them choose to rent instead of own their own home. Kids move out, retirement happens, and the idea of a smaller space with less responsibility starts to appeal to a lot of people. Property managers should consider these wants when marketing their properties. They should also always be careful with wording and avoid anything in their marketing that might be considered discriminatory towards different demographics.
Significant Life Changes
When tenants start new relationships, get divorced, change jobs, or have children they often consider changing their living situation as well. To help keep tenants happy in their space even when these changes occur property managers can help them adjust by making a property a welcoming place to live and also highlighting its neighborly qualities.
Quality ofLife Improvements
Often when people move up in life, such as when they graduate from college and find a good career, they look for a new place to live that better fits their new lifestyle or bigger paycheck. To help keep tenants in this stage of life happy property managers can emphasis any luxury amenities their properties have.
Living in safe and secure housing usually becomes more important as tenants begin to have children. Tenants with children also tend to favor family-friendly environments. Property managers should focus on low crime rates, neighborhood watch programs, and family recreational options like local parks to attract renters with these needs and wants.