Any property manager knows the pains of resident turnover. With an average cost of $4,000 per resident, turnover is expensive, which is why it’s important to make sure you are creating a positive living environment for your tenants. And while there are some uncontrollable factors into a tenant leaving such as life changes or financial reasons, there are several common reasons a tenant leaves that are well within your control. Here are five common reasons many residents cite for not renewing their lease.

1. Safety and security

Home is the number one place where people want to feel safe. If they feel a lack of safety due to security reasons or property hazards, they are going to find a new home elsewhere. This can be due to packages being stolen, lack of maintenance, lack of exterior lighting, broken locks or smoke detectors, etc. Safety is a huge factor in making a place feel like a home.

2. Poor maintenance service

Maintenance issues are inevitable, but no resident wants to be stuck with maintenance issues for long. When tenants are constantly having issues with broken appliances or leaks in a pipe, they are going to be increasingly frustrated each time they have to reach out for help. Even worse, if their maintenance requests aren’t being handled promptly or communicated about effectively, they are far less likely to renew their lease.

3. Poor property upkeep

There will be increasing competition in multifamily, giving residents more options of where they want to live. Especially with more new-builds opening up, it’s important to keep your properties updated and in good condition - and to be sure to communicate with your tenants about the upgrades you’re making. Tenants don’t want to be stuck with old appliances that could break down at any moment. It falls inline with both security and maintenance service - the less they have to think about these things the better. When a property is not getting the proper upkeep, your residents notice.

4. Poor management of communication and responsiveness

Tenants don’t want to have difficulties working with their landlord. If it is taking too long to respond to their questions, or it feels like a cat-and-mouse chase to get their problems solved, they will grow tired quickly and find a place where they can have quick and easy communication with property management.

5. Issues with neighbors

Never underestimate how important a sense of community is to residential life. Renters are more likely to renew their lease if they have made at least one connection in their community. Adversely, if they feel a lack of connection, or have problems with their neighbors, residents are going to be making sure they move as soon as they have the chance. Connection is important to humanity, and it won’t feel like home if they are not connecting with their neighbors.

While you won’t be able to avoid all turnover, you can focus on these controllable factors and keep residents happy and wanting to renew their lease. If you are ready to make a stronger and happier community at your property, as well as be able to be more responsive to tenant requests, learn more about Kipsu's multifamily solutions and schedule a conversation with us today!