Incentives For Attracting Renters
For those of you in tough markets.
What incentives have you used?
I've seen ads giving away DVD players
(I guess they are the $60 models)
Is making a 2 or 3fam "cable" ready a good one?
Any other ideas?
Thanks!
-Ariel
I've offered microwaves, TV's, furniture, etc.. but my favorite is free rent. I live in a market where rent is approx $400-$450.00 per month. So I have offered a property @ $450.00 per month with 1 months free rent. When they respond, I tell them yes there is one month free rent, and that I'll go over the setails if they like the property. Once they like the property, I tell them that if, and only if they make all their payments early, or on time, not one day late, the 12th payment is on me. Or you might try the December payment. They'll love you for it and you are actually netting $412.50 per month out of the property and you are leaps and bounds in front of your competition.
Good Luck,
Shawn(OH)
I haven't tried any of the typical incentives. I'm not sure what your rent is, but I have been amazed at how much interest you can generate by simply adjusting you price from $525 to $495. If you can get your rent below one of these psychological price points it makes a big difference. The problem that I have heard from people who offer incentives is that they don't last. If your rent is near the top of the market, the tenants are always looking for a better deal.
In this part of North Jersey, rents vary widly from $600+ to $800 for a 1 b/r.
And some offer utilities with that (Heat/HW) and some don't
I'm thinking of shooting for $795
not incl utilities.
thanks for the thoughts