A new survey shows that single-family renters may be more likely to move in the next year than apartment renters, and there are some key reasons why.
Property managers have more influence than they may think on whether renters stay in their current property or decide to move on, according to a new Buildium survey.
The overall survey looked at why renters like single-family homes, but also why two-thirds of single-family renters are considering moving out in 2022 or 2023. It focused on the role of the property manager in the stay-or-move decision.
“The overarching consideration behind renters’ decision to renew their lease is their sense of value within their current property,” the survey said.
There are three main areas where property managers can make a difference in retaining tenants, according to the report.
- The quality of service they receive from their property manager or landlord;
- The condition of the property and attention paid to maintenance issues;
- The amenities and services that are available to them.
Property managers’ influence tied to several factors
Buildium says in the report, “We found property managers may have more influence on renters’ decision to stay or go than they might think: Among renters who expressed a desire to become homeowners in the near future, we found that those who are more satisfied with their current property are less likely to plan to buy a home right away, even if it’s still their goal in the long term.
“And among renters for whom price is a leading consideration in their decision to move, it’s not necessarily a simple matter of their income versus the price of rent, though this is certainly a primary concern in today’s market. It’s their perception of value—the question of whether their rental experience is worth the price that they’re paying to live there—that can push them to stay or go, particularly when their household’s finances are stretched thin by high prices for housing, utilities, groceries, gas, and other necessities.”
What can property managers do?
Here are some key comments from the report:
- “Be proactive. Come to the residence once a year to see what may need fixing or updating that the renter hasn’t brought up.” (Age 50)
- “Fix problems as they arise, do not wait until something completely breaks down. Have planned services like HVAC exams before summer, provide extermination services on a planned schedule, and [include] yard services in [the] rent.” (Age 59)
- “Be more open-minded about using technology for processes if you haven’t already started using it. It makes things easier for your tenants and yourself.” (Age 26)
Get the full report on single-family renters here.