27 Dec Do the Math: This Is Why Renters Should Renew Their Seattle Rental Leases
Are your tenants sitting with a calculator in hand, trying to determine whether to move out of your Seattle rentals? If so, it’s time to figure out how to keep them. If you’re an exceptional landlord, tenants are less likely to want to leave. How can you convince them that staying in your current rental is in their best interest?
A Move is Costly
It’s expensive for your tenants to move. A move involves many different costs, including:
- Different rental costs, such as higher rent
- A moving company
- Extra charges from the moving company, such as charges if the movers have to walk farther than usual and “charges for moving heavy items such as riding lawnmowers, snowmobiles, or a piano,” according to Moving.com.
- Pizza for friends if they help with the move
- Child care during the move
- Moving supplies
- Replacing lost or damaged items
- Time and money spent cleaning and organizing
A Move Can Be Inconvenient
Your tenants might be looking for cheaper rent. However, to find this, they may need to move to a place that’s less convenient for them in other ways. For instance, less expensive rent could mean a longer commute. It could also mean that your tenants give up other amenities. For example, they love your current rental property because it is in the downtown core and conveniently located near entertainment options. They enjoy your rental because it’s close to some of the best schools in the area.
A move means that they could give up on these benefits. If your renters are in a rental property that is ideal for them, then you want to give them incentives to keep them there.
Why Focus on Keeping Tenants in Your Seattle Rentals?
If moving is so expensive or inconvenient, why do tenants move?
They move because:
- They need to find a home that’s closer to work or school
- They need or want different amenities, such as a yard for children or pets
- They don’t feel safe in their current neighborhood
- They want more assistance from their landlord or property manager
For landlords, keeping good tenants is essential to financial success. Finding a new tenant costs the landlord a lot of money. These costs include:
- Showing the rental
- Time spent coordinating deposits, running background checks, etc.
- The cost of having a bad renter, such as damage from tenants, bad checks, and even going to court. According to Landlord Calling, “a typical eviction could tack on another $2,500 or more.”
How to Keep Your Tenants
If staying is so beneficial to you and your tenants, what can you do to address tenants’ concerns and avoid potential moves?
- Make sure that you’re on call or that you work with an accessible property manager. It is frustrating to tenants when their concerns appear to go into a vacuum.
- Respond and act upon requests for repairs.
- Make sure your tenants feel safe. For instance, if they feel like extra lighting is warranted, they could actually save you money on future repairs due to theft.
- Maintain the property on a consistent schedule, or ask a property management company to do this. This proactive approach endears you to your tenants.
Are you curious to see how working with a property management company can work for your properties? Connect with Lori Gill and Associates today. We’ll help you plan for a long future with tenants in your Seattle rentals.