I read through multiple landord and tenant blogs, chat posts and statistics to find out what characteristics are shared among long-term renters. I have gathered a small amount of information to help you recognize that valuable long-term tenant.
Landlords, feast your eyes on this brief explanation of a tenant that stays long-term!
Three to four years is the average length of time a tenant stays in a rental property. Pintar Investment Company, a large real estate investment firm based in Orange County California, found that when more time is spent to renovate a rental home, residents stay longer, treat the properties better and are more willing to tolerate rent increases.
Here are percentages found in long-term renters:
- 31% are families with children - 34% are households headed by a 50 year old individual - 40% are individuals aged 30-49 - 11% are top-income households which has been the fastest growing segment over time, this 11% is creating a trend called "lifestyle renters".
The list below has a few reasons regarding why tenants leave:
-Too Expensive -More Space -Less Space- Downsize -Job Change/Relocation -Maintenance Problems -Neighbor Problems -Change of Neighborhood -Separation/Divorce/Marriage -Market Change
