Tenants move out for a variety of reasons. As a property investor/landlord, you can control some of the reasons while others are just a matter of preference.
1. Cannot afford the rent
2. Property is too small or large for their needs
3. Property lacks storage
4. Job change/relocation
5. Maintenance issues not being attended to or renovation needed
6. Problems with neighbours
7. Wanting to change location/neighbourhood
8. Separation/divorce/marriage
9. Renter's market – more affordable properties available
10. Purchase their own property
It is important to know why your tenant is leaving – if it is one of the reasons you can control then maybe you have a chance of keeping your tenant.
For example if it is number 3 then adding a wardrobe to the bedroom might cost $3,000 but it might also cost you that to find another tenant with leasing, advertising, works between tenants and also the unknown cost of your property sitting empty.
If your tenant is a good one, they are worth keeping! Each time your property changes tenants you will usually loose a month rent with the changeover costs.
If you are curious about discovering more about the information in this article, book a free 15 minute strategy session with Mel Dennis by CLICKING HERE.
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