Tenants need an incentive to stay.
Do you find yourself having a very rapid tenant turn-around? Looking for ways to keep your tenants from leaving? With a high tenant turnover rate, property owners end up losing a lot of money having available units that are sometimes difficult to fill. This can invest more of a burden than something that is bringing in profit. Here are just a few easy tips for property owners to use so they can reduce the frequent tenant turnover rate and retain residents more frequently.
Looking For A More Affordable Rental Property
A common reason that tenants move around so much is that they are always on the hunt for the best deal they can find. With the rising costs in rents, tenants are on the move so they can actually afford to live in the rental of their choice. For property owners, this means paying close attention to the trends associated with rising rents. In fact, if neighboring rental properties are leasing for less than yours, then it might be time to consider altering the rental price to allow for a wider candidate pool. Pricing rental properties correctly become invaluable for rental property owners looking to retain their tenants for a significant amount of time.
Looking For More Space
Often, tenants find themselves with a growing family and need a new rental to accommodate more people living with them. With the increase in multigenerational family units, the rapidly escalating tenant turnover could be a direct result of simply more bodies in a household. As a result, more space is needed than ever before to provide comfort for these growing families.
They Are Looking To Purchase A Home
The real estate industry is constantly in a state of flux all the time. However, when the market is good for buyers, many renters turn towards the housing market and consider purchasing their first home. Since rents are often more expensive than a home mortgage, individuals are turning to the real estate market to avoid the high price of rent.
Trust Clagett Enterprises For All Your Real Estate Needs
If you are looking for the perfect realtor for your property or to assist during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance in selling your home and getting the best possible price, contact us online or give us a call at 301-665-6609. To meet our team and see some of our beautiful homes follow us on Facebook, Twitter, Pinterest and Google+.