As a landlord, it can be frustrating when a great tenant decides to not renew the lease. You will need to find someone else to occupy the property, take care of all necessary maintenance to prepare it for a new tenant and complete the entire tenant screening process again. While some of the reasons why tenants don’t renew a lease are out of your control, others can provide you with valuable feedback.
5 Reasons Why Tenants Don’t Renew a Lease
- Changes to Their Situation: One of the reasons that landlords cannot always “fix” for a tenant moving out is a change in the tenant’s personal life or situation. Moving in with a romantic partner, changing jobs, expanding their family or moving to another state can all be valid reasons totally unrelated to their experience at your property.
- A Big Rent Hike: Did you recently increase the rent of the property a significant amount? Particularly when there are economic challenges happening in your area, a significant rent hike can cause otherwise excellent tenants to leave and go elsewhere. In general, it’s a bad idea to raise rent more than 10% without justifying the increase with major changes and improvements to amenities and the property itself. Raising the rent gradually over time is a much better way to profit more without losing excellent tenants.
- Dropping the Ball: If you don’t work with a skilled property management company like All County Denver South Property Management, tenants might be tired of their concerns falling on deaf ears. Some tenants do not want to deal with landlords who forget about issues or who are hard to get in touch with. These tenants often don’t renew a lease because they believe they can get better service elsewhere.
- Problems with the Neighborhood: Are there issues in the neighborhood where your property is located? Even if the property itself is safe, a change in the safety and security of the greater area can lead to tenants declining the option to renew.
- The Neighbors: Another one of the most common and frustrating reasons why tenants don’t renew a lease is issues with the neighbors. Make sure that your tenants know they can come to you with concerns about neighbors and the noise level. Always resolve noise complaints or other complaints about nuisances in a timely fashion to avoid driving away excellent tenants.
All County Denver South Property Management Can Eliminate the Reasons Why Tenants Don’t Renew a Lease
All County Denver South Property Management is here to help property owners get the best return on their investment through knowledgeable and trustworthy property management services. From managing tenant relationships to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote, call us today at (720) 664-4550.