Finding the ideal tenant is no easy task. Keeping your property's curb appeal and offering competitive rent prices may attract some attention from prospective tenants. Many landlords offer new tenants incentives to stand out and seal the deal.
Below are five incentives many new tenants look for when apartment hunting.
A great incentive for many new tenants is the offer of one or two complementary months of rent included with their lease agreement. Offering a free month of rent may seem detrimental to your bottom line. However, a vacancy can be far more costly. Not only would you not earn income for the month, but you would also need to invest time and money in repairs and re-listing the rental.
When giving this incentive, the free month is typically given at the end of the original lease agreement. This can also help your tenant decide to renew their lease a second time. It also shows your tenant's
appreciation for staying in your rental property.
Moving is time-consuming and stressful. Many tenants would prefer to stay in one location until it is necessary to move. Landlords prefer this as well, as it's better for business for a tenant to renew their lease instead of looking to fill a vacancy. For this reason, it's not uncommon for new tenants to be attracted to rentals that offer discounts on lease renewals. This can be in the form of the aforementioned complementary month’s rent, discounted rent for a few months, or an agreement for lowered or no increases in rent.
In general, people aren’t fans of paying bills, especially nowadays, when there are so many subscription services. Having utilities included in the rent may be exactly what some prospecting tenants are looking for. Typically, tenants expect to pay a premium for this kind of arrangement, and it's not uncommon for some tenants' utilities to be less than the premium placed on the rent.
It's well-established that internet access has become incredibly necessary in today’s world. Children may use it for school, young adults may need it for work, and seniors can use it to stay connected with their loved ones. This has made providing internet access in rentals a great amenity and incentive for new tenants. It also helps your rental property stand out by providing a unique service that has not yet been adapted to changing times.
Not every incentive needs to be monetary. Sometimes, being more accepting of pets is enough to sway a tenant to sign a lease agreement for your rental. Young adults have families later than adults in the past and often wait until they’re in their thirties and financially stable. Instead of having children, they are choosing to adopt a pet. This means more and more potential tenants are looking for rentals that allow pets.
When choosing to
allow pets in your rental, remember a few key items. Firstly, you should expect some sort of additional wear and tear, such as soiled carpets or scratched paint. For this reason, it's common practice to remove carpets in favor of tile and implement an additional pet security deposit to cover any necessary repairs after your tenant moves out.
Reducing turnover rates and quickly filling vacancies is rarely straightforward and usually changes with time. If you’re having difficulty finding new tenants or need help managing your Long Beach rental property, we invite you to call us today at (562) 888-0247 or fill out our
Owner Application online.
