Part of being a landlord is having tenants in your property. In fact, it’s a pretty large part of the job description. And once you’ve found some great tenants, you’ll want to make sure they stay with you as long as possible. This means you don’t have the headache of trying to find even more new tenants, and it stops you having to lose any income during the ‘void period’ at the same time. But to do this, you need to understand some of the reasons why tenants choose to leave a property, what you can do about it, and why some reasons are just out of your control.
The list we’ve put together for you today is by no means exhaustive, but it does cover the most common reasons tenants decide to move on, along with some tips to keep your tenants happy.
Need a Bigger Property
This is by far one of the most common reasons given for moving, and sadly it’s the one that landlords have the least control over. At some point your tenants might decide they need more space – whether that’s because they want to cohabitate with a partner, they’re having a baby, or they have just exceeded the space limits of the house – it’s a common concern for landlords. And of course, you can’t just slap an extension on the property when a tenant says they need more space. But you might be able to persuade them in other ways. If you have a good line of communication with your tenants, then you can ask them what would make their life easier in the property – would an upgrade of some kind help with their space issues? If you have a portfolio of properties, you could also offer them one of your larger properties as an option.
Change In Finances
Sadly this is an issue we’re seeing more and more of recently, particularly with the Covid-19 crisis putting a strain on everyone’s finances. If your tenants have lost their jobs, or are experiencing some financial difficulties, then they might decide they need to move to somewhere more affordable for them to live. This could be a smaller, cheaper property, or it could even be moving in with relatives while they get back on their feet. So, if a tenant says finances are the reason they need to move on, it might be worth asking yourself – can you afford to take a little less, even for a little while, to keep these trouble-free tenants in place? Don’t forget that void periods can be very expensive, and if you have otherwise good tenants who just need a bit of a break during hard times, it could be worth it in the long run.
The State of the Property
Oh dear! If you’re hearing this one, then somewhere along the line something has gone wrong. Either you haven’t been doing your job as a landlord, or your agent hasn’t been keeping up with their responsibilities to manage the property for you. The good news is, this one is easily fixed. Offer to make good any existing repairs or maintenance issues that need addressing, and do it quickly. Once that’s done, implement a regular maintenance programme to keep on top of small jobs before they become big problems. Once again, effective communication is a really powerful tool here, and if you can have an open, honest dialogue with your tenants, you’re more likely to keep them around, and keep your property in good condition.
Nightmare Neighbours
There are a lot of reasons neighbours can prove to be a problem for tenants, and sadly there’s often very little the landlord can do about it should renters bring it to them as a concern. Anything from noise to parking can cause problems, and most of these issues are better brought up with the neighbours in question. If you’re running a HMO, then you can broach the issue with the neighbours in question yourself – since the last thing you want is bad tenants driving away good. But if it’s a regular house? Aside from getting to know the neighbours and bringing up your tenant’s concerns, there aren’t many traditional avenues for you to take.
If you would like to know more about how to keep good tenants in your property for longer, or just want some advice about your own property, please get in touch with the team at Northwood today.
