Offering a Deal to Attract New Tenants

By Kailey Walters on December 2, 2019

Lately, if you’ve been having a difficult time getting your tenants to stick around, you may be casting about for new ways to keep and attract new ones. There could be a number of reasons as to why they haven’t been staying; maybe it’s something out of your control, such as increased competition in the neighborhood, or it could be just a little bit of bad luck with certain tenants. Whatever it is, you’re probably thinking about what kinds of deals you can offer to attract new tenants as soon as possible. Read on for some suggestions.

via Pexels

1. Make sure you offer apartment necessities.

This one may seem like a bit of a no-brainer, but that’s what makes it so important. When tenants move into a new place, they are expecting at least the necessities, including Wi-Fi, parking, appliances, and even certain kinds of furniture. It’s essential that you offer these basic amenities, at the very least, so that you don’t scare away potential tenants right from the start.

2. Lower your fees.

Sure, this may not sound like the most desirable option at first, but it’s important to have foresight when it comes to renting. Offering lower fees is sure to attract many new tenants in the long run, as people are naturally attracted by the promise of less expensive rates. As a result, what you lose from a few months’ rent here and there will be made up in the greater number of renters you attract.

3. Offer the first month free.

This is a pretty popular and appealing deal that you can offer tenants. For those who may be stressed about paying monthly rent, one month free can seem like a huge saving grace. And while it is a big deal to them, one rent-free month won’t affect you negatively. Indeed, in the long run, the tradeoff will be worth it — especially if that tenant decides to stay even longer because they were so blown away by your generosity in the beginning.

4. Offer more flexible terms.

Another deal you can offer is more flexible terms. Many people are likely hesitant to rent out a place if it has strict leasing terms and policies. If you can help it, perhaps ease up on some of your terms so that prospective tenants will feel more comfortable renting from you and won’t feel like they’re in trouble if they put one toe out of line.

5. Survey your tenants.

One great way to get direct feedback from tenants is to simply ask them! Create a survey that you can distribute among your current tenants; make sure to come up with questions that will really prove useful to you in the long run when it’s time to consider what you’re doing right and what you can improve on. After all, your tenants’ feedback is the most valuable in this situation, so why not take advantage of it?

6. Offer rewards for referrals.

Word of mouth travels fast. If your current tenants are loving things where they are, they should be rewarded for telling all their friends and family about it. Create a rewards program that offers perks to your current tenants for any qualified referrals they make. That way, your tenants are happy and you get more business.

7. Make some aesthetic improvements.

Potential tenants who come to view your rental space are definitely judging the book by its cover — meaning that appearances are super important in this case. After all, you wouldn’t want the space you’re showing to be unattractive and old-looking; instead, you want to make it look as good as you possibly can so that potential tenants will jump at the chance to rent out your space. Making improvements could involve both the interiors and exteriors. If you’re able to make changes to the landscaping, consider hiring someone to improve the green space around your property, such as by planting more bushes and flowers. You can also spruce up the interior of the building by adding decorations such as paintings, flowers and plants, new carpet, etc. Creating a welcoming, aesthetically pleasing environment is sure to entice prospective tenants, at least in the beginning.

It’s also important that potential tenants understand what they’re getting into. A list of common rental lease terms can be helpful for first-time renters who need just a little bit of an introduction. If you can attract a knowledgeable tenant who’s done their research, you will be able to see what they want from you and their potential new lease.

By Kailey Walters

Uloop Writer
Stony Brook University

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