Good tenants aren’t easy to find, and once you do find them, keeping them can be challenging. Your renters’ lives change, and there are unavoidable reasons that they leave, whether to be closer to family, buy a house, or take a job somewhere else.
However, some reasons tenants leave are things you have control over as a landlord. If you’ve found great tenants for your DC rental property but find they don’t renew their lease, it could be due to one or more of the following reasons.
The Rent Is Too Expensive
Rent increases over time are normal, but your tenants may put their foot down on a rent increase or attempt to negotiate the rent down. There’s nothing wrong with negotiation, especially if it means the difference between your tenants staying and leaving.
If your tenants let you know they can’t afford a certain rent increase, you can always negotiate a lower rate with them. You may even consider offering an incentive for them to stay in exchange of negotiating the rent, such as allowing pets or agreeing to cover part of their utilities.
The Community Doesn’t Fit Their Needs
Communities change over time, and if your tenants are starting a family or no longer feel the community is safe, they may not renew their lease when the time comes.
As a DC landlord, there are a few things you can do to help the community feel safer, such as installing an alarm system, hiring on-site security personnel, or upgrading your access control system.
If tenants still feel the need to leave, you can always offer to help them find another unit if you have other properties in the DC area. This way, they can settle into a new place faster and you know you have good tenants!
They Don’t Feel They’re Getting Their Money’s Worth
Whether it’s lack of maintenance or repairs, your renters may not feel that you’re maintaining the unit up to their standards or may decide a rent increase isn’t worth the service or amenities they’re currently getting.
Checking in with your tenants can give them an opportunity to voice the need for any repairs or maintenance, but so can regular inspections of the unit. If your tenant is unhappy with the maintenance at your property, use this as an opportunity to see what you can do differently to have them stay, or at the very least, make things better for your future renters.
If tenants feel they can’t come to you with concerns or are having trouble contacting you for any reason, they may not feel it’s worth it to stay in the property. There shouldn’t be any confusion about who to contact for issues such as maintenance or other concerns.
Clearly outlining the terms and methods of landlord-tenant communication can help your tenants know what to expect and that their concerns are being taken seriously, whether they have a need for routine maintenance or an emergency issue.
They Need More Space
Sometimes tenants need more space than the square footage of your property can give them. If you have a different unit in the same building you could upgrade them to, you can potentially work with your tenants to keep them in the property.
However, you can also offer to show them a different property or refer them to someone you know so that you part on good terms. You never know when a tenant will come back to you, so always keep the door open for future opportunities!
Let Us Help You Retain Your Tenants
When you’ve found great tenants for your DC rental property but have trouble getting them to stay, hiring a professional property manager may be the answer.
The right property manager can help you cover all your bases so you can provide tenants with a positive experience to ensure they stay for as long as they’re able.
Contact us at FAS Management today at (202) 337-5080 to learn how our comprehensive property management services in the DC area can help you retain your tenants!