Low Turnover for Rentals Is Good News for Landlords
Tenants. Can’t live with ‘em and can’t live without ‘em. Landlords complain constantly about tenants who make frequent maintenance requests where the dysfunction of the appliance is at least partially due to the tenant’s careless use of it. Then there are the tenants who can’t get along with each other and frequently air their grievances in the presence of management, whose options for long-term solutions are limited. These issues are especially frustrating for landlords if the tenants live in rent-stabilized units; the landlords sometimes daydream about how much money they would get, for so much less trouble, if they could replace these tenants with someone new who could pay the market rate for rent. Of course, it is a waste of energy to resent the tenants you have now because they pay less and cause more trouble than other tenants who exist only in your imagination. Vacant apartments are a landlord’s worst nightmare. The more months a unit sits empty, the less money the landlord has to maintain the occupied units and keep their rents affordable. Good news about the economy is hard to find these days, but it seems like landlords can count on their currently occupied units remaining occupied for the foreseeable future. For help appreciating the tenants you have and coping with the challenges they bring, contact a Bronx real estate attorney.
When Staying in Your Overpriced Apartment Is the Least Unaffordable Option
In a recent report on the CNBC website, Diana Olick reports that the tenant turnover in residential rental units is lower this year than it has previously been. Most years, about half of tenants move to a new unit when their lease ends, but in the 12 months ending in the summer of 2024, only about a third of residential tenants moved; about two thirds chose to renew their leases and stay in their units for another year.
This news comes as a relief for landlords, because it means that they have fewer new vacancies to fill, and recruiting new tenants costs time and money. The underlying reasons for tenants’ decision to stay where they are do not paint such an encouraging picture, though. In the past, some non-renewing tenants each year were first-time homebuyers, but making a real estate purchase for the first time is harder than it has been in recent memory. Sometimes tenants stay in their units not because they are affordable or desirable, but rather because the cost of moving is prohibitive. If landlords want more encouraging news, they can consider that, in New York City, local regulations have expedited the process for tenants to move into subsidized units; by opening some of your units to subsidized tenants, you could fill some of your vacancies quickly.
Schedule a Confidential Consultation With a Bronx Real Estate Attorney
A real estate lawyer can help you navigate the process for filling vacancies in your real estate property and reducing tenant turnover. Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.
Source:
cnbc.com/2025/05/09/housing-apartment-renters-renewals-low-turnover.html
