5 Reasons Why Residents Leave Communities
2021 has been an incredible year for real estate. Real estate prices began increasing in 2020 and have continued to grow in 2021. What's even more interesting about this upward trend is that prices have increased all over the United States, not just in select cities. The increased price tags have left some people unable to keep up in bidding wars, forcing them to rent. While rental demand has increased, some communities are still losing their best long-term residents. Therefore, Targa Real Estate has decided to explore some common reasons why many residents choose to leave their apartment communities.
We are currently in a renter's market, resulting in increased costs. While it may seem logical to increase your rental prices to the local average, it may very well result in your current residents leaving.
People love their furry friends and even consider them family. When you tell people they aren't allowed to bring pets, they'll likely go somewhere else that will. Communities can be hesitant about animals because they fear they will damage the apartment. However, replacing the carpet in one room is a minor price to pay for a long-term and reliable resident.
Neglecting Maintenance Calls
Once notified, you should complete repairs in a timely fashion. It is best to address things like leaky faucets or bug infestations immediately. If you often put off fixing things, this may be why your best residents are leaving. Not only do you risk losing your resident, but you also risk extensive damage to your building. Remember, replacing a kitchen faucet or calling an exterminator is cheaper in the long term than paying for structural repairs and mold damage.
If your rental is rocking an olive-colored bathtub, Formica countertops, or 1960s-style linoleum, it's likely outdated. Remodeling can get expensive, so, understandably, you would want to opt-out. However, you should consider it if your rental's interior is outdated. A resident will always choose the updated rental over the outdated one if the rent is almost the same. Modern rentals give the resident security without the hassle of obsolete and broken objects.
Sometimes the price and the rental can be almost perfect, but the resident needs more space. As a result, they will often relocate to a larger dwelling. In this case, you might consider offering the resident a more spacious rental if you have one. If they have been happy otherwise, they might be thrilled to change floor plans instead of having to move to a new area.
Finally, residents move out for various reasons. Consider asking departing residents why they are choosing to move and what you could have done differently. If you listen to your residents, you can implement changes in the future to keep your residents for a more extended time. Please check out our article on efficient upgrades you can install to reduce water usage. If you would like to hear more about how Targa Real Estate Services can manage your property, please contact us today.