Common Reasons Tenants Leave a Rental PropertyAdmin
Based on a recent survey, only a little over 1/3 of tenants plan to keep their current rental beyond the middle of 2023. As someone who offers corporate housing, it’s important to know how you can keep your own property occupied.
There are some things you can’t change but knowing what causes tenants to move on can help you determine how long they will stay. Below are a few of the most common reasons tenants move on from short-term rentals.
About 35% of those who are moving on do so to get their own home. This is especially accurate for middle-aged and young families and couples. With a cultural emphasis on owning a home, many renters save for years to have a place to call their own.
In addition to wanting to own a home, many leave furnished apartments due to finding that monthly mortgage payments are less expensive. If it costs less to own a home than rent one in the same area, moving seems appealing. Over 30% of renters cite affordability as a reason to move.
Changes in family responsibilities and job situations have caused renters to look into moving to new locations. About a quarter of renters considering a move are choosing to switch locations for one reason or another. For young adults, a new location may be useful for school or work.
While you can’t always make changes to corporate housing in the categories above, you can do so when it comes to amenities. Many people move on to a place that has better amenities. For instance, those with families appreciate the ability to have pets. Think about what amenities appeal to your tenants and make sure you offer them.
People also move due to a need for a different space. This might mean less space, more space, or just a different layout. Someone might need an office or an extra bedroom. Changing the size of your short-term rentals may not be possible, but you can always invest in homes of different configurations.
While you can’t do much about people moving into homes of their own, you can increase your rental offerings, add amenities, and create an experience that tenants desire. These are the best options you have for staying booked and blessed throughout 2023.