A Brief Guide to Rental Incentives
Looking for a way to draw in more renters or keep renters for longer? Explore these rental incentive ideas and options. Additionally, learn how to market rental incentives, learn what options you may already have to advertise, and what you can do to add to your property’s list of incentives.
Rental incentives, also called lease incentives, are an emerging trend among landlords and property managers. Encouraging tenants to rent from you with benefits such as rental credits, upgraded appliances, and other similar perks is becoming increasingly common.
37.3% of active Zillow listings have some form of rental concession, a massive increase from pre-COVID, and this number can only be expected to rise further as the market cools. So, as landlords are becoming more likely to offer concessions and incentives, learn about your options. You may even have several rental incentives that you didn’t even realize could be marketed as incentives.
| Rental Incentives to Consider Adding
If you don’t already have any rental incentives or want to add more, consider these easy rental leasing incentives to encourage prospective tenants to choose your property.
Customization Options
Allowing your tenant more control over their property than the average landlord is an excellent way to bring in more interested potential renters. Options for this include allowing tenants who stay a certain amount of time to choose the wall or flooring colors of their home, allowing upgrades to certain appliances as chosen by the tenant, or otherwise giving them a say in the appearance and function of their home.
One-time Move-in Bonuses
Perhaps one of the easiest ways to incentivize renters is to offer one-time move-in bonuses, such as a discount on the first month’s rent or some other similar financial perk. Gift baskets on move-in are another excellent option.
Partnerships With Local Businesses
This is an especially useful option if your properties are in a very community-focused area with small businesses. Small businesses are often happy to give discounts to local landlords and assist other small local business owners. If they do not offer discounts, you can always purchase gift cards and give them to your renters on move-in.
Free Wi-Fi
Including a Wi-Fi package in your rental package may seem like an odd way to drive renters to your property, but it is a common form of rental incentive. Much like other included utilities, bundling a Wi-Fi package into the cost of your rent is an easy way to encourage tenants to choose your property. This is extra beneficial if the Wi-Fi is upgraded for high speeds and family plans.
New Flooring, Paint, or Counters
An easy upgrade and common project done after tenants move out, replacing your flooring and counters or painting your walls can give your property a fresh, new feel that will draw in tenants. Everyone loves a fresh coat of paint.
Upgraded Appliances
Upgraded appliances are another incentive everyone loves. A new dishwasher, stove, or refrigerator will intrigue any prospective tenants and thrill current ones. Better yet, if you want to give your current tenants a gift by upgrading their appliances, allow them to pick one out. Give them a price range and allow them to send you their preferences.
EV Charging Station
While not every tenant will want or appreciate an EV charging station, those who will appreciate it will make themselves known. As EV charging stations are somewhat of a rarity among rental properties, people who own these vehicles will be eager for a property that accommodates their lifestyle. This is, additionally, another benefit that can be offered to a long-term renter who owns an EV to encourage them to stay longer.
Rent-Free December
Although accommodating this may require a small increase in monthly rent to offset the cost, some landlords are offering a month of free rent each year. Scheduling this in December is an easy way to offer your tenants some extra spending money around the holidays.
| How to Market Rental Incentives
If you have a rental incentive such as these, or if you add one, make sure that it is advertised extensively. There are lots of properties out there, especially in a cooling rental market, so you have to make yours stand out. As such, when you are advertising these properties, ensure that the benefits you offer are emphasized. Discuss them with tenants when they want to view your property, and answer any questions they may have.
| Final Thoughts
When marketing a property, rental incentives are an excellent way to make your property stand out from the crowd. You may even have incentives you don’t currently know about. When marketing your next rental property, take a step back and think about what your property offers that is unique.
RESOURCE: Rentecdirect