It’s great when you find good tenants for your rental property. They pay the rent on time, do a bit of gardening, don’t call you at 3.00am because they’ve locked themselves out again and you wish they’d stay forever.
All good things come to an end, unfortunately, and even the best tenants move on eventually. There are things you can do to hold onto them for a bit longer, though, as sometimes tenants make the decision to move reluctantly and you may be able to persuade them to stay put if you understand the reasons.
Here are the five most common reasons for tenants deciding to up sticks.
They need a bigger property
Your tenants might be having a baby, or be working from home more. They may realise they need an extra bathroom as the children get older or they may be missing a garden space.
While you can’t suddenly deliver a garden or an extension, there may be something you can compromise on. For example, if your tenants have no outside space to dry laundry, then a new washer-drier could be a solution. If the queue for the bathroom each morning is becoming a pain, then could you put a small toilet and sink combo in the cupboard under the stairs?
They need a smaller property
If your tenants need a smaller space, maybe because the eldest child has left home or they’re older and finding it hard to keep the place tidy nowadays, then don’t despair. If you have a portfolio of properties, you could offer a smaller one to your great tenants, or engage a cleaner for an hour or so each week (included in the rent, of course).
They’ve had a change in finances
If your tenants are suddenly finding the rent too expensive, then you might think about reducing it in order to keep hold of them. Voids can be expensive and there’s always the chance that new tenants could spell trouble. Sometimes it’s worth taking a small hit to retain reliable, hassle-free tenants.
The other side of the financial change coin is when tenants can suddenly afford a bigger property. If you have a bigger place on your books, then this could be the answer to keeping good people under your roof(s). You could also offer to make some upgrades to the property and increase the rent if they’re feeling flush. It makes sense for you and your tenants to do this as they won’t have to pay the usual fees and deposits involved in moving and you get to invest in your property.
The state of the property isn’t great
This is, unfortunately, totally on you and you know what needs to be done. It’s better to sort repairs out with your good tenants in residence than lose them and have to do the work anyway. Any new tenants you get aren’t going to be impressed with a leaky shower either, so work out what needs to be done and do it!
They’ve had a change in personal circumstances
This could be moving a partner in, separating with a partner, having a baby, changing jobs, increasing work hours, decreasing work hours, getting a dog… You name a life event, and it could happen to your tenants at any time.
Have a discussion with your tenants about whatever is happening to see if you can reach a compromise or solution. If, for example, you’ve always refused pets, but you trust your tenants to be respectful and careful, then you could make it work.
Sometimes, of course, there’s nothing you can do to persuade your tenants to stay, but offering a solution or compromise is the sign of a good landlord and it could make the difference. At the very least, your ex-tenants will have nothing but good things to say about you.
