When you own rental property, you understand that people are eventually going to move out and new people are going to come in. There are many different reasons why people move from one place to another, and understanding those reasons can really help you better bring in and keep happy the renters that are best for you properties.
Here are the top four main reasons people move in and out of rental properties:
From college age kids moving out of the home to rent on their own to people with adult children downsizing their lives, people often turn to renting as they get older in different phases of life. You can consider both of these when marketing your property. Think about the wording that would be best for these situations, and be careful to avoided anything that could be considered discrimination against certain demographics.
Starting a new relationship with someone, getting a divorce, and changing jobs are all common reasons people move into a new rental property. For this reason, it’s smart for rental property owners to think of ways to help new people adjust by promoting social events or opportunities. Make your property a friendly place to live and emphasize its neighborly qualities.
As certain people move up in life, they might be looking for new places to live that better fit their lifestyles. So if you have luxury amenities or property, you can emphasize these.
Especially with renters who have families or have just had children, living in safe housing is important. Some might be moving to a place that is more safe and/or family-friendly. Focus on the positive information related to low crime rates or neighborhood watch available in your community. This will better attract renters doubly concerned about safety.
Although reasons for moving vary, there are a lot of common ones. Put yourself in the shoes of renters in each of these situations so you can better understand their motivations and what they’re searching for in a rental.