A property manager’s job is dynamic with many responsibilities— the most important one being to keep properties occupied. With competition rising within the rental market, this can be a real challenge. If you’re struggling to fill a vacancy, it may be time to try some new methods to help your property stand out among the crowd and get ahead of the competition. One thing you may want to consider is offering leasing incentives. More and more landlords are offering various types of incentives to help them fill vacancies and to encourage excellent tenants to renew their leases.
We put together a few apartment leasing incentive ideas to help you brainstorm what could be a great fit for you:
First month free. This is an incentive we’ve seen in some high rise buildings that have significant enough cash flow to cover expenses. They tend to be located in dense downtown areas where competition is very high. This may not be in the cards for all property managers, but it is a huge draw for tenants. After all, covering expenses on your investment property is better than covering expenses for several months as you search for tenants.
Free or discounted parking. Whether you need to rent a space your building’s garage or you need a zone parking permit, parking can be a huge expense added for tenants— especially in big cities. Even offering just the first month of free or discounted parking can be the tipping point for a prospective tenant who is on the fence about renting from you.
Waived pet fee. Tenants love their pets like family, but it can be a challenge for them to find pet-friendly rentals. Most property managers that do allow pets require additional fees, whether it’s a monthly addition to their rent, or a higher security deposit. Waiving a pet fee is a great incentive that show pet-loving tenants that you welcome their furry family members and can set you apart from the crowd.
Discounts at local establishments. If your property is located in a neighborhood that has a lot of restaurants, shops, or entertainment nearby, it can be of great benefit to connect with the owners or managers to see if they would be interested in a partnership. Ask if they would be willing to offer discounts to your tenants as a way of welcoming them into the neighborhood— and be sure to let them know that it’s a great way to turn your tenants (and their friends!) into their customers. The discount could be as simple as 10% off their first visit, or as involved as $5 off every time. Whatever they’re willing to offer can be a great perk for prospective tenants that gets them excited about the neighborhood and it shows them you really go above and beyond for your tenants. If you’re struggling to connect with store owners, you could do a little research on your own to see if they’re offering any coupons or specials, and create an entertainment guide of the neighborhood complete with coupons and happy hour information you found online.
Rent decrease. Having excellent tenants not only means you’re getting the bills paid, but it means you get to deal with low-maintenance, trustworthy, and respectful people. Excellent tenants are not to be taken for granted! If you have one and you’re worried they may not be renewing their lease, lowering their rent, even just a little bit, may be just the gesture they need to stay.
Have you tried using apartment leasing incentives before? Tell us about it! We’d love to hear about your experience, and see how our team can help you fill vacancies faster.