Renewal: Why Tenants Don’t Renew

When it comes to rental properties, keeping your units occupied is a huge part of surviving. It’s simple — without tenants, you lose money, time and resources.

Tenants will often rent with a company for various reason. A good reputation in the community, quality units and buildings, good neighborhoods and space, pet-friendly environments, and spacious living. But there are some things that can make a renter’s feelings turn sour.

It’s complicated to say why a tenant might leave, but there’s a small list of reasons why it happens.

One of those is continual rent increases; there are times in the lifetime of a rental property when raising the rent may be the only option. But when this happens, a landlord or property manager should give a tenant at least three months notice before making any changes. This will give the tenant time to adjust and they will appreciate the notice.

But if the tenant experiences continual rent increases, they will often leave. Before you increase the rent for all your tenants, consider your long-term tenants. How long have they been staying with you? Consider giving them a pass — it’s important to assess the need for rent increases because this can mean losing a tenant and income

Tenants will also respond negatively to excessive noise; it can be really bothersome to tenants who like to maintain a quiet lifestyle. Loud parties, music, and television can cause serious problems.

When a tenant arrives with a noise complaint, it’s important to take it seriously. But train your staff to know the difference between a serious noise complaint and nuisance; people can sometimes be overdramatic. Just be sure to keep your noise ordinance policy up-to-date and keep your tenants informed about their rights.

Another problem that can lead to tenants leaving is an unauthorized entry. Property managers and landlords all have to do inspections and repairs, especially those requested by the tenant. But it’s important to remember that a property manager or landlord should give advanced notice before entering a home.

Entering a tenant’s home without just cause or notice can be a huge violation of their privacy and can lead to losing the tenant and losing the property managers/landlord’s reputation.

And lastly, a lack of proper maintenance. This will lead to tenants not renting from you at all. If a landlord/property manager doesn’t properly upkeep his lawn or yard, if the hallways and carpets are dirty and unclean, if there’s an awful smell, or if appliances are outdated and need constant repairs, tenants will leave.

If a landlord or property manager does not take care of his property, it will likely translate into a lack of care for clients. Take all matters seriously, take pride in your investment and take care of your tenants; they’re the reason you make money.