Finding new tenants is expensive and time-consuming. The cost of advertising, showing the property, screening potential tenants and more eats into landlords’ profits, especially as the property sits vacant.
So what are the benefits of offering incentives to tenants to renew and/or sign leases?
Keeping good tenants is always the way to go, which is where incentives can come in handy. According to a survey conducted by SofwareAdvice.com, half of males and 41 percent of females aged 26 to 35 say they would be more likely to stay at a rental property if offered an incentive when the lease is nearly up and 52% of renters prefer cash or other types of spendable rewards.
Incentives are not only appreciated by tenants, but they are good for your investment too. Offering a landscape clean up, carpet cleaning, house cleaning, a variety of upgrades, etc. is benefiting the overall condition of your investment property, while still being beneficial to the tenant.
What are some of your favorite incentives to offer tenants for renewals?