Most successful landlords know a good tenant is worth their weight in gold (ok, maybe not gold, but they are invaluable).
This is because a good tenant will provide rental stability, look after the property, be a nice neighbour and pay their rent on time.
But what causes an excellent tenant to move out, and what, if anything, can a landlord do about it?
Here are five reasons why they move on.
- More space is required. Landlords can’t really do anything about the need for a bigger home apart from wishing their tenant luck.
- Poor communication and maintenance/repairs. Nothing annoys a good tenant more than not hearing back from a landlord (or letting agent) about repairs or maintenance that needs to be carried out. This is probably the number one reason good tenants go.
- Moving on up. Some tenants will move on because they are ready to buy a home of their own. In some cases, it may be worth seeing if they are interested in buying the rental from the landlord (if this is in the landlord’s plans for the future).
- Neighbourly issues. If the folks next door are noisy or inconsiderate, this is a common reason tenants seek new pastures. Again, it’s one a landlord can do very little about.
- Rental price hikes. Of all the reasons (along with poor communication and maintenance), this is an area landlords can influence. A good letting agent will advise landlords on the value of a good tenant who is paying a fair rent and likely to stay long term. Thinking short term is one of the worst things a landlord can do – whether that’s by going cheap on property repairs or seeking to wring out every penny from their current tenants.
Please get in touch with us if you are a landlord with any questions whatsoever. We’re here to help.