Rental incentives are used by many landlords to help keep their properties full. Some landlords are against using incentives at any time, some use them only when rentals are slow and some use them all of the time, no matter what the vacancy rate is on their properties. Below are some options you may want to consider.
– Free months rent on approved applications (never allow the first month’s rent to be free)
– Last month of lease free if all conditions are met
– 50% rent reduction of month #6 and 50% reduction of month #12 if all conditions are met
Usual conditions: All rent payments made between 1st and 3rd of the month
No bounced checks or problems with payments
No problems with tenant conduct or residency
– Reduced security deposit for approved applications
– Additional perks
– upgrade of apartment amenities (carpet, cabinets, ceiling fans)
– free or reduced cable TV
– free or reduced internet access
Remember the purpose for offering incentives is to attract good prospective tenants from your competition and keep your property filled.