6 Creative Concessions That Attract Residents
Here’s how to sweeten the deal for prospects—without offering that month of free rent.
The pandemic has prompted people to leave cities for more affordable locations or more space in the suburbs. This migration led to rising rental vacancies that forced landlords to get creative in order to attract renters—especially when the existing offerings were not competitive enough.
Whether you aim to fill vacant units, accommodate the sudden population growth in your area, or simply want to improve your retention rate, offering a strategic mix of incentives could make your community stand out.
READ ALSO: Adapting to Renters’ Latest Needs
But before you decide on which enticements to offer, spend some time finding out what renters want.
While a month or two of free rent might have been typical before the onset of the pandemic, there are other ways to put your apartment building in the spotlight. We’ve put together a list of concessions to sweeten the deal for renters.
Upgrades to the property
All properties require periodic renovations, so why not use them as an enticement to renters. This could also help you in the long term. Ideas include new appliances, new flooring or furniture.
Who doesn’t like free stuff? You can offer a free parking space, or free Wi-Fi. Additionally, if your property includes an amenity fee, this can also be comped for a year as a concession.
The self-storage sector continues to be hot, bolstered by strong population and job growth. Consider adding on-property storage units for the (many) things renters carry with them, and offering it to them as a bonus.
Technology is part of our everyday life and, young renters in particular are making the best of what innovation has to offer. Throwing in smart appliances such as high-tech door locks, thermostats, tablet devices or smart home automation devices saves time, a great deal of hassle and money on the long run, and can be really appealing in a new lease.
Drop the pet fees
According to Statista, 70 percent of households in the nation owned pets in 2020. At the same time, many landlords ask for pet fees, pet rents and pet deposits that translate into prices of admission for both residents and their furry friends. Consider giving up on these extra charges.
Moving is stressful and expensive, so you might want to take some off the weight off your renter’s shoulders by providing them free moving truck rental services. You could also save them some money by reimbursing broker’s fee costs.