Have you been wondering why your tenants in New Orleans, LA do not renew their lease? Tenant retention is a challenge for many property owners and managers. If you find you have a high turnover rate and struggle with retaining tenants, there could be some root causes that can help you solve this issue.
A testy relationship between a landlord and a renter is one of the most common reasons tenants move. You are giving the tenant something valuable in the form of shelter in exchange for rent. Communication is important in any business relationship as it is in any other.
Keep tenants informed about what’s going on and address any concerns. Some tenants demand more attention than others, so it’s up to you to figure out who wants frequent engagement and who prefers to be left alone.
Renters are price sensitive. While some tenants prefer to rent rather than buy because they don’t want to be tied down to a piece of property, the majority of renters do so because they can’t afford to buy. This means that any increase in your rental rate – especially if you’re already near the top of the market – could be problematic.
Increase your rent only if there is a market for it. Keep in mind that too substantial an increase could cost you a good tenant.
Tenants have the right to live in a peaceful environment free of unjustifiable disturbances, such as continuous noise. Unresponsiveness on your part as the landlord can be construed as a violation of the tenant’s right to quiet enjoyment. This often results in tenants leaving your rental property.
Having a high-priced rental property demands you to make it not just appealing but also convenient. Tenants would not be willing to pay a hefty amount for a property that has few amenities.
You never want to be the street’s most out-of-date rental property. Neighboring property owners won’t like that and neither will your tenants. You want to hit a sweet spot in the center with enough basic amenities to keep tenants happy.
It’s not always your fault that a renter refuses to renew their lease agreement. When changes in financial condition occur, it’s often out of your control. Some residents vacate their apartments due to a career change, while others finally buy their own houses.
While these instances are unavoidable, effective communication almost always resolves issues. Your tenants will remember you if you maintain open channels of communication with them.
If you own a rental property in New Orleans or Metairie and have trouble retaining tenants, reach out to Redfish Property Management. We are expert property managers in the New Orleans area. Please call or click here for our contact page. We’ll reach out to you promptly. Thanks for visiting!