Tenant Mindset
Hi everyone,
I searched, but couldn't find anything, so am starting this post. I have rentals in decent, middle class neighborhoods, sort of upple middle of the spectrum in the area. My objective is to decrease vacancies and decrease tenant turnover. What's do you think the mindset of your tenants are (and please list the types of rental). Mine has changed throughout the years. When I was 18, it would be cheapest rent possible, college it was finding a nice place, but when they would send the renewal letters with a slight rent increase, I felt upset and had no clue back then that they were running a business and their expenses increase. I just thought they were being greedy... little did I know.
At this point in my life, we are property tax payers, but I know that being in the military, where I go next, I will likely seek a cheaper apartment in a moderately safe area and seek a company that maintains their propertly well and addresses repairs and issues quickly, but won't care if the interior is dated looking so longs as it is clean and things work, but I am definitely not seeking a place with a yard that has to be maintained. I just don't want to spend my time maintaining someone else's yard.
I know everyone is at different stages in life and opinions change over time, but what do you think the mindset of today's tenant is? Does a 3-5% increase make them upset and want to move? Do they mind having to cut the grass or change the air filters? Do you think they are glancing at the rents of other homes in the area, or do they find one home and stick with that and stay content? Do they manage their money in a way to ensure rent is factored into their budget first and that's the first bill they pay, etc? Other thoughts on your tenants? Please describe your home/neighborhood type and what you think that tenant's mindset is. Thanks in advance.