Increase Resident Retention with these Lease Renewal Incentives

Modern Gem Design :: Increase Resident Retention with these Lease Renewal Incentives

Attracting your ideal tenants with property upgrades is one thing, but keeping them is a whole other story. As a multi-family property owner, you know how important it is to make sure your property is as close to max occupancy as possible. There are many factors that tenants have to weigh before deciding if they will renew a lease or not, one of the biggest being price. According to a study done by Zillow, 57% of tenants that decided to move and not renew a lease indicated price being a factor for that decision. Beyond price, there are many other things that can come into consideration including location, quality of space, amenity options, and level of service provided by staff. While incentives may vary based on your market, they can be a nice way to let your tenants know that you appreciate them and help persuade them to renew their leases. Here are some of the options you can provide:

Amenity Kickbacks

Everyone wants to feel like they’re getting a deal, and offering amenity kickbacks can be a great incentive when it comes to enticing tenants to renew their leases. Depending on what amenities are offered at your property, you could provide vouchers for laundry units, a few months of free cable services, or car washing services. Doing so will require minimal investment for you to secure another year of rental income. Another option is to partner with local businesses to create a mutually beneficial relationship where you can offer gift certificates or other options that will get your tenants excited and also support local businesses.

Parking Upgrades

If your property offers parking this may be a perk you’d like to consider. Parking is often an additional expense so offering a few months free or a reduced price can be a nice perk. If you have street vs garage or covered parking, you could also offer upgraded options for a discounted price. This shows your tenants that you appreciate them living at your property while also providing them with an upgraded option they may not have considered the year prior.

Smart Home Upgrades

Another feature you may want to consider offering tenants as incentive to stay are smart home features. Installing Google Home, Nest or smart home lighting and thermostats can be an enticing feature to tenants, plus it can also make your units more energy efficient. This is a great option that tenants may wish they had in their home but may not have thought was an option. Plus, the investment is minimal compared to the cost of turning a unit.

No matter what incentives you consider, the key is to provide something that will improve your tenant’s quality of life and remind them of why they moved into your property to begin with. This in turn will be mutually beneficial to you as a property owner when they re-sign their leases.

Looking for more ideas on what you could offer to tenants or improvements you could make to your property? Contact us today!

Make a Lasting Impression for Potential Renters Touring Your Property

When it comes to leasing a new apartment, there are a lot of things renters have to consider -- location, size, amenities, and what will be best for their lifestyles. In today’s world, a lot of potential tenants have already formed a first impression on your property based on your marketing materials online or in-print. Often that impression can change though based on their experience in-person so it’s important to pay attention to things that could impact that. Today we’re sharing some advice to make sure the experience a positive one.

Make It Easy To Find The Leasing Office

When you arrive at a new place for the first time, everything is unfamiliar. As a renter it can sometimes be confusing of where to go when you are looking at different rental properties -- especially when you have a large property. You can put that issue to rest by having adequate signage that directs potential renters from the street, to your property and right to the leasing office. Having dedicated parking outside the leasing office is another way to make the process easy, and let future tenants know you are paying attention to their needs right from the beginning.

Friendly And Organized Leasing Staff

The experience with your leasing staff can have a lasting effect on if potential renters decide to move forward with your property or not, so it is important to make sure that your staff is both friendly and organized. Are they upfront with property information? Can they answer all of the potential renters questions? Do they make the leasing process and next steps easy to understand? All are important questions you should consider about your leasing staff.

This will translate into whether or not staff will be helpful with maintenance requests or any other questions residents have after they move in. This is often a concern for renters so you want to make sure they know upfront they are a priority at your property.

Make Sure Your Model Unit Best Represents Your Property

We’ve talked before about how important model unit renovations are and we’ll say it again. They are so important! You’ve put in the hard work of marketing your property to get potential renters in the door and now is your time to sell why they should live at your property. Your model unit allows you to showcase the upgrades you’ve made and create a vision for potential tenants on what it would be like to live there. Make it count! It is also important to note that the available apartments should also be in as good of shape as the model unit.

Upkeep Of Property And Amenities

Another important thing to consider, is making sure amenities and property features are well-maintained. There’s nothing worse than a potential tenant getting a tour of the property and finding out the real-life version doesn’t live up to advertised photos. Marketing your property is one thing, but making sure everything is well taken care of is another. If amenities are out of order or closed for other reasons, it could have a negative effect on their first impression.

First impressions matter, especially when tenants are often looking at multiple properties, which is why it’s so important to consider potential tenant’s experiences while viewing your property. If you need help refreshing your property to improve its first impression, contact us today!