Since 2011, property owners have largely enjoyed a ratio of high rents...Read more
Tenants can move for a wide variety of reasons, but there are 4 that are pretty consistently the most common, according to research. And none of these should come as a surprise, but understanding them may prevent you from losing a great tenant. Or, give you some insights about why your vacancy is still open.
1. High Rent / Not Competitive - many landlords think that getting more money is better and increasing the rent is the best way, but sometimes a quiet and responsible tenant is actually worth much more in the long run. Landlords should be adequately prepared for all of the additional costs that a rent increase can trigger: the immense time commitment of finding a new tenant (showings, advertising & managing inbound interest, screening/credit checks) can sometimes outweigh the projected additional income. Also, if your rent is not competitive for what your unit offers - you could end up losing money as it stays vacant.
2. Maintenance Issues - if you want to charge on the high end of rent for your region, remember that great tenants will not suffer with broken amenities, heating/cooling issues, constantly clogged drains, leaky roofs, or pest problems. Regular maintenance and your availability if an issue comes up are critical to avoiding a revolving door of tenants.
3. No pet policy - although this is well within your rights in some states/provinces to refuse to rent to tenants with pets, statistics do show that most good income/great background tenants share their home with a furry friend. Keep in mind that the pandemic increased pet ownership by up to 33% in some states. Pets do not necessarily mean property damage - responsible pet owners do not have that issue.
4. Noise / Problems with Neighbors - noise complaints is one of the most common complaints a landlord will get from tenants. It can be difficult to control, however; there are legal rights a landlord has when dealing with noising tenants. It's a good idea to have a quiet hours policy in the lease. If the noise is not a tenant of yours, you can provide support to the tenant in speaking with the neighbor and documenting the incidences.
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