Sometimes people get a new job or have another life changing situation that forces them to leave an apartment they love for a new city. However, more often they're just relocating to another part of the city — or even to a nearby building owned by another company.
Having to turn over an apartment for new renters is a pain. Discover what might be inspiring them to relocate within the city.
They Move in with a Partner
Probably one of the most common reasons renters leave an apartment they like is because they're changing life situations. Specifically, their relationship with a partner gets more serious and they decide to move in with them. Sometimes they choose one partner's apartment. However, many times they decide to start fresh with a place that's only ever been theirs.
Their Family Grows
Apartment dwellers always feel like they'd like more space. However, one changing life circumstance can increase their need for space — having a child. When you have a child, you might then be on the look out for two bedroom apartments. So, if renters have seen their family grow with the birth of a new child, they often start looking for a two-bedroom unit or larger.
Rent Keeps Going Up
Property owners have to balance a fine line. Property taxes and other costs go up, so they need to increase rent to make up for it. However, wages often don't go up in step with those other increases. So, if renters see their rent increasing year after year, they'll often find themselves in a spot where they have less and less money. So, they choose to look for different living arrangements.
They Want a Balcony
Many renters choose apartments because they don't want yardwork. However, they may still want to be able to enjoy a little outdoor living. Renters have many activities they can enjoy with a balcony, such as dining al fresco or enjoying the weather. If renters are feeling cooped up in an apartment without a balcony, they may start apartment hunting.
As They Age, They Need Different Amenities
At certain points in life, a few years make a difference. While the exact time span differs from person to person, at a certain point renters want amenities for comfort. For instance, the weight room might be less interesting to them than laundry rooms located on each floor. Or they may feel they need elevators so they don't have to navigate the stairs anymore.
Property owners can't control all the variables. However, if you're a property owner or manager, you can try to avoid a vacancy in your units by working with your tenants.