Property Managers and landlords should consider human migration behavior in the United States when evaluating their properties to ensure their tenants are satisfied with their rental.
Jobs, family, health, and school are all legitimate reasons to move out of your current home. But what tops the charts as the number 1 reason to move in the United States? According to a report published by the US Census Bureau in June of 2014, housing-related reasons are the top reason why people move in the United States*. Figure 1 details the results of the 2013 Annual Social and Economic Supplement of the Current Population Survey where 48.0% of the 35.9 million people who moved in the United States noted “Housing” as the their reason for moving.
Housing related moves are broken down into the following categories:
- Wanted new or better home/apartment
- Wanted cheaper housing
- Wanted to own home, not rent
- Wanted better neighborhood/less crime
- Other housing related issue
From these findings, moving for a “new or better home/apartment” and “other housing related issue” accounted for the majority of responses (Figure 2). This is significant because it accounts for migration behavior in the United States. Rather than needing to move for a new job or to be closer to a family members, “wanting [a] new or better home/apartment” is a conscious choice people make. And it is a choice landlords and property managers should pay attention to.
As a property manager or landlord you should ask yourself:
Am I providing a great home to my tenants?
Is my home something my tenants will want to move out of in search of a better housing?
Small home improvement projects and updated property features are great ways to increase the value for your property and ensure your tenants will want to stay in your unit. Revamping exterior paint, making-over cabinets, reviving flooring, landscaping the outdoors are cost-effective measures property managers and landlords should consider to increase tenancy. To find other great ideas for small property improvements at Rentec Direct.
Do you have other ideas for how to keep great tenants at your property? Let us know in the comments!