Tenants not renewing leases - cash flow out the door

Developer · Atlanta and Detroit · Member since 2018 · 601 posts · 821 votes

I have had a fair few challenges over the last 12 months.

I have had 5 tenants move out/not renew their lease, very unusual, this is in the Atlanta market.

These are large 2500 sq ft homes and the rehabs on average come in at around $10,000, but have been able to bring it down to around $7000.

My thoughts are that as Atlanta economy is thriving many who have been renting can now afford to buy.

Anyone noticing a similar pattern in your area/playing ground

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Bill B.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
7y
How are you having $10k turn arounds?
My average tenant stays 2 - 4 years in a 2200sf Vegas house and an expensive turn around is $2400 +/-, the average is closer to $600 out of my pocket. Tenants have $1800 security deposits but they usually get most of it back
Are they damaging your property to the point they should be paying or are you using materials that aren’t meant to be used? I can’t imagine $800-$900/mo in damage.
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Michaela G.
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
7y
I think much depends on the neighborhoods your houses are in.
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