Rent Incentives To Attract Quality Tenants
There is no hiding the fact that currently, a shortage of rental properties exists in Metro Vancouver. However, not all rental properties are getting the expected flow of suitable tenant enquires. A reliable, long-term tenant is a great investment ensuring a worry free rental and financial future. Here are some great tips to make a rental property more attractive to prospective tenants and a way to retain the best tenants.
Include utilities Include utilities such as heat, water, or cable as part of the monthly rent. With this kind of rental incentive, tenants do not have to worry about setting up and managing multiple utility accounts. This type of incentive works best with utilities that are not dependent on the tenants’ rate of usage.
Offer flexible lease terms Offering flexible lease terms is a great rent incentive that appeals to tenants who are uncertain about their future plans or prefer shorter commitments. On the other end of the spectrum, discounted rates can be offered for longer lease periods. Keep in mind that shorter rental periods can result in higher tenant turnover which can be costlier in the long run, and long lease periods translate into accepting lower rental payments for a longer period than may be required.
Free rent with signed leases An often used and popular incentive is to offer a 1-2 month’s free rent with signed leases. This translates into more affordable rent during the year and is effective with undecided tenants.
Provide discounts Partnering with local businesses offering discounts to tenants is a win-win for both tenants and the property. Services that are used on a frequent basis such as cleaning, dry cleaning, baby-sitting, etc., bode well with tenants, especially working couples.
Create a referral program Offering current tenants an incentive to refer new tenants, leverages the power of word of mouth marketing, and can save a lot of time and money in advertising costs. This scheme can also result in getting high quality tenants through trusted recommendations.
Allow pets Prospective tenants with pets usually have a problem finding pet friendly rentals. Allowing pets increases the reach as far as prospective tenants are concerned. With renters who bring their pets, ensure that standard rules are in place that the owners are aware of, thus eliminating the prospect of future disputes.
Provide free parking and storage This can be a very impactful incentive if the renter has an automobile. Many tenants value the convenience of onsite parking or additional storage.
We have an experienced team of property management experts and are always happy to help rental property owners with any questions. Contact us or call on 604 913 1000.