Aside from rent increase or life changes, why do renters move?
Every year, on average, apartment buildings have a normal 30% to 35% turnover. Some is due to rent increases or change in life circumstances, such as marriage or having children or moving for a job. But about 40% of turnovers, or 12% of your residents, would avoid changing buildings if you addressed their concerns.
In our national research of nearly 2,000 renters across the U.S., we found that the key (and avoidable) reasons that renters move is because of:
These issues could be addressed, possibly heading off turnovers, if you regularly conduct resident satisfaction surveys, such as those provided by ResidentRated. The complete research report, called “Keeping Renter’s Happy,” is available by calling Rick Naymark, 612-875-9081, at ResidentRated.