CazaLoop

Top 5 Most Effective Leasing Incentives for Renters

There is competition on every corner (literally) and to find & keep great tenants, you’ll have to sometime provide incentives.

Here are the top 5 ways to incentivise potential renters to sign with you.

Rent Decrease

This is an obvious one but lowering the rent just a bit (25-50$) can help you win a new tenant over. Also, the fact that they won a negotiation (even if it’s something small) makes them feel better and more likely to sign. Run the math to see if it makes financial sense, 25-50$ over a year is still $300-$600 in loss income.

Home Upgrades

New tenants want to feel at home and will sometime requests free upgrades. In most cases, this benefits both the landlord and the tenant.

Common upgrades: Painting the walls, new appliances (dishwasher, washing machine, etc) specially if they are near the end of their lifecycle, additional parking, extra storage space.

Flexibility in the Lease Terms

Some potential renters might be military, or salesman and will need the ability to relocate with less hassle possible. So a 1 month notice to break the lease can be attractive.

You can also make exceptions for pet’s or the ability for the renter to sublet his unit. Students love the ability to sublet, but also folks with seasonal jobs (forest firefighting during the summer, coming back home during winter)

Online Rent Payments

A good chunk of renters are used to doing all their banking online. The only time they write a check is to pay rent.

Providing hassle free online payments is a great way to incentivize new tenants.

You can use Cazaloop.com to collect rent and make the process painless for you and them.

Creative Asks

Sometimes, the tenant herself might ask for an incentive. It could be an early move-in date, a sofa or a TV (doesn’t have to be brand new)

Consider anything within reason to bring in a great tenant. (Make sure the financials make sense too).

At the end of the day, the tenant wants to feel they are getting something extra that is valuable for them.

It shows you care!.

Your turn: What incentives have you provided which worked out great?