Why Don’t Tenants Renew the Lease

Are you a rental property owner facing an issue of high tenant turnover? Do your tenants say goodbye every time the lease agreement ends? If yes, then you may want to reconsider your approach towards property management.

You come across different types of tenants in the business. Although every tenant is different, they come with certain basic expectations when renting a property. Most tenants will put up with a lot before moving out. But, certain sets of issues, if not resolved, can force them to move out of your property. As experts in Edmonton property management, we give you some common reasons why tenants don’t renew their lease.

Continually Increasing Rent

Every tenant has their own reasons behind renting a property. While this is true, an average tenant usually rents a property because they cannot afford to buy one. Hence, they expect their monthly rent to be stable for at least a good amount of time. When you keep increasing your rent, these renters decide to move out. For you, it may be a matter of some dollars, but for tenants, who are already facing a financial crunch, it may be a substantial increase. Don’t increase the rent as per your wish. Think strategically as it may cost you months of a vacant property.

Problems with the Location and Neighbors

You cannot predict problems. You may have done a good amount of research on the locality before buying the rental property. The locality has had no problems for years. But, suddenly problems erupt whether in the form of crimes, cleanliness issues, or noisy neighbors. Since a tenant’s safety is at risk, they will have concerns. And, it is your duty as a landlord to resolve it. While you cannot do much about locality problems, you can keep a watch over the neighborhood. Serious issues may call for relocation of the property. In the case of problematic neighbors, talking to them or the management may help resolve the issue.

Lack of Communication

Communication is one of the essentials of a successful business. Being a landlord is also a business. You fulfill tenant needs in terms of a home and you get paid in return. Without proper communication, this business relationship will fail to survive. Since some landlords are juggling with multiple things, they end up being poor communicators. Good communication means addressing tenant issues as soon as possible, dealing with requests, and continually checking with them if everything is going well. If you have been a poor communicator, it is time to work on it.

Poor Quality of the Property

Everyone likes to upgrade with time. In this rapidly changing world, tenants prefer a comfortable home with modern features. The property that you bought might have features that are apt for a particular period. Now, those features have become old and demand change. If you fail to update your rental property, you not only end up losing tenants but also face difficulty in finding new ones. Make sure you visit your property frequently and keep a check on current trends in the industry, as well as, the location of your property. An updated property is your solution to the problem of tenant turnover.

If you have a tenant retention problem, go over these points to figure out reasons and resolve the issue. You can also hire an Edmonton property management service. These experts take on the hassles of property management leaving you with less worry and profitable returns on investment.