Survey Shows What’s Behind Tenant Turnover
Add to that the usual dissatisfaction some renters feel about their building, unit, or neighborhood and you’re left with a serious matter.
Caring Communications Might Be Central
Another group of rentes leave due to poor communications. They might have ideal situations yet poor relations with landlords and property managers makes uncomfortable and resentful.
You might be surprised to hear what renters really do think and what future they’re picturing for themselves. But what issues might they have?
Ensuring Tenants are Having a Good Rental Experience
Being too business-like, expedient, or careless with your tenants could be perceived as something different to them. Certainly delayed, indifferent, and curt communications will increase tenant discomfort.
And if you’re not getting tenant feedback on a regular basis, you won’t know why they’re upset, suspicious, and ready to leave. And you won’t be able to deliver the reassurance they seem to need. That’s especially so when they receive the bills you send them. It could be tenant success is actually in your hands via good communications that makes them feel they belong and that they’re respected.
Survey of Tenants Offers Insights
According to J Turner Research’s recent survey of 39,000 residents nationwide, tenants are willing to renew their lease if their satisfaction rating was above 8.14 on a 10-point scale. Those who said no to renewing their lease were 35% lower on their rating.
Why are renters unhappy and soon to be vacating? Here’s the top 7 reasons they discovered:
- renters don’t see added value after their rent is increased
- their loyalty isn’t rewarded
- they view extra fees as bogus and unwarranted
- lack of lease renewal information from landlord or property manager
- unfulfilled maintenance requests
- unclean and poorly maintained buildings or property
- rude, indifferent landlords and property management staff
You can see how tenants might get upset. A property management business model that uses micro-fees or usage fees is an example of extra fees that tenants won’t like. If you commonly charge such fees, you may need to compensate for the negative “nickel and diming” impression it leaves with tenants.
Saving Through Tenant Communications
The JT Turner survey may be indicating that saving a tenant and getting the lease renewed is achievable. A common theme that runs through tenant complaints and disappointment seems to be communication.
When tenants are informed of what’s happening and they believe they’re getting value, the status quo is kept. In many cases, it’s a disturbance in the status quo that makes the tenant re-evaluate their choice of rental accommodation. Any one of the above events could launch this re-appraisal of their situation.
If other landlords are promoting their buildings and available units, tenants receive a promise of value. This year, more tenants are likely to jump at these new offers and incentives.
New to property management? Find out more about how property management software helps you develop better relations with tenants, improves operational efficiency, and optimizes how you do your accounting.
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New property management solutions including mobile friendly will allow you to communicate in a more timely manner with tenants. Some of them want to express themselves and receive affirmation that living in your rental unit is still a good idea.
Discover how the Best Landlords and Property Managers Build Great Tenant Relationships and Raise their Lease Renewal Rates
See also: Best Incentives for Renters | Proptech Solutions | Best Property Management Apps | How to Get Tenants to Renew | Best Cities to Buy Multifamily | Top Property Management Trends | Controlling Property Management Costs | Multifamily Housing Investment | Los Angeles Rent Prices | Online Rent Payment | How to Increase Rental Yields | Best Tenant Screening Software | Property Management Trends | Property Management Metrics | California Housing Predictions 2019 | HOA Management Software | San Francisco Apartment Prices | New York Apartment Prices | Housing Market | Apartment Rental Prices | Best Cities for Buying Rental Property | Texas Rental Housing | Start a Property Management Business | Rental Property Software