Tenant turnover can kill profitability, costing landlords thousands of dollars per month. Finding ways to avoid turnover and prevent vacancy in your rental property is crucial to success, and understanding the trends that impact turnover is a key piece of the puzzle.
Research shows that both low median age and high job growth correlate to lower retention rates in cities across the United States, while rent growth seems to have no effect on turnover. Certain amenities can persuade tenants to stay, while others have little to no bearing on the decision.
Here’s an in-depth look at the costs and causes of tenant turnover, and tips on avoiding it:
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The more you know about your prospective renters, the easier it is to land a long-term tenant. Thorough tenant screening processes can help you get a higher quality tenant with a longer average tenure in your rental unit. TransUnion SmartMove offers detailed reports that including a credit history check, eviction history check, and rental criminal background check so you can find the right fit for your rental property.