Each year, while renewing their lease, tenants must make a decision. They can remain for another year or leave. Some tenants vacate, while others decide to renew. These decisions are influenced by owner treatment, rent price, neighbourhood amenities, job changes, and personal circumstances. Why shrewd renters extend or terminate their leases is covered in this article.
Depending on how the owner acts, a tenant may decide to stay or go. Renters are welcomed by a flexible, kind, and accessible landlord. Renters are more inclined to renew their leases with a landlord that responds swiftly to maintenance concerns, offers a secure and clean living environment, and maintains the property. Renters will go elsewhere if the landlord is irrational, unfriendly, or sloppy. Good tenants value their landlord’s efforts to keep a positive relationship with them.
Lease decisions are influenced by rent as well. When rent is affordable and competitive with surrounding flats, tenants frequently remain put. If the landlord drastically raises the rent, tenants could migrate to a less expensive residence. Excellent tenants pick reasonably priced properties.
When renewing or breaking leases, tenants frequently take local amenities and quality of life into account. Tenants who extend their leases are drawn to the area’s eateries, shops, parks, schools, and social gatherings. Renters will feel safer in a tidy, secure neighbourhood with efficient public transport. Good tenants prioritise their quality of life and desire quick access to amenities and services.
Work and personal changes can have an impact on the leasing decisions of tenants. Renters may need to move if they start a family or change employment. Better-off tenants could relocate to a bigger house or a nicer area. Good tenants are aware of their requirements and base their decisions on them.
Renters’ lease decisions are also influenced by the state of the rented property. Tenants are more likely to extend their lease if the rental house is tidy and equipped. Tenants may leave a rental if it isn’t well-maintained or has several issues. Good tenants desire a nice place to live.
Last but not least, tenants may break their leases because of neighbourhood changes, job losses, or personal issues. If the neighbourhood becomes dangerous or unpleasant, tenants may leave. Renters may leave if prices rise too much. Good tenants take steps to make sure their living situation meets their needs.