Apartments.com just did an interesting survey of over 1,500 renters. The survey examined the major reasons renters were and were not moving. For example, here are the top five reasons survey respondents said they are moving in 2014:
- Shopping for a less expensive apartment: 24.6%
- Wanting to live in a different neighborhood: 13.6%
- Looking for a bigger apartment: 12%
- Change in marital status: 11.6%
- Looking for a smaller apartment, or to live alone: 10%
There are several other bits of interesting information from the survey. You can read the rest of the article here.
Information from surveys like this one can be important to your landlording business.
Tenant turnover is probably the number one killer of positive cash flow. If you can figure out the reasons your tenants are considering a move and can address their concerns you can save yourself a bundle of both time and money.
Always ask your tenants why they are moving when they give you notice of a move. Perhaps some minor upgrades will encourage them to stay. Perhaps you can provide them with a larger or smaller unit. Perhaps you have something available in a different location. If you have a decent tenant, try your best to keep them. Good tenants can be hard to find.
