Hi, I am a landlord in Salt lake city. I have a couple of SFH to rent for a few years. I hire a PM company to manage. including basically everything. I found my tenant normally only rents for 1 year, they seldom renew the lease. I wonder if this indicate poor PM practice , then people does not like to stay longer? thank you for your information .
Is the PM showing you the tenant screening report before you give the green light to sign the lease? What kind of neighborhood is the property in "C or D"?
I had property in C- area and I had turnover every year.. I look at all the tenant screening reports and they have low paid jobs, evictions, bad credit so you can't expect much in those areas..
Hai, thank you for your reply. My rental houses are in "A" areas, they are decent house. No, I did not ask for screening report. I do not know the tenants. Just feel strange why the tenant does not want to stay longer. It is costly to make a move.
The fact that you do not know what is going on means you are not involved enough in your business. You shoud be in regular contact with your PM and he should be sending you regular reports and all details on your tennats.
PMs need to be managed, you need to be more involved in operating yur business.
I do want to point out that some PM aren't incentivies to keep tenants espescially if they get to keep (50% - 100%) of the first rent of a new tenant.
Maybe they are moving to the area and renting the first year to get a feel for where they want to by a house at.