This year has been full of changes. From a record breaking unemployment rate to competitive interest rates on home loans, many people are having to move and adjust to a post-pandemic world. With many people faced with difficult decisions this year, our team at Atlantic Real Estate Management in Myrtle Beach is here to help inform you on the top four reasons why tenants don’t renew their lease.
One of the top reasons tenants move out is due to money. While it’s normal and expected for a lease renewal to increase in price, raising it too high could cost you a tenant. They could’ve lost their job, gotten a pay cut, etc. which could cause the place their currently living to be out of their price range.
Concerns Not Addressed
If financial reasons aren’t causing your tenant to move out, it could be because they feel their concerns haven’t been addressed. Whether it’s a leaky dishwasher that hasn’t been fixed or an outlet simply isn’t working, making an effort to address their concerns and making them feel like a valued tenant can really increase the chances they’ll renew.
Problem With Neighbors
Sometimes their are things a landlord or property management company can’t control. If you’re tenant is considering moving due to a problem with a neighbor, you’re best bet is to offer them a different unit away from those neighbors if one is available.
While there are many things a landlord or property manager can do to increase the likelihood of a tenant renewing their lease, sometimes it’s the location that is the ultimate dealbreaker.
While these are only a few reasons why a tenant could decide not to renew their lease, our property management team at Atlantic Real Estate Management wants to help you increase your chances of having a tenant renew their lease. Whether you’ve hired a property management company or are doing it all yourself, our team is always here to answer your questions and concerns. Don’t hesitate to reach out!