The Top 5 Rental Property Incentives Residents Want

As a property manager you work hard to look after your community and make it the best that it can be, so it would make sense for you to want applicants to like it as well. Many question what attracts residents to a property, and what one may lack in times of vacancy. With so many competitors out there, it makes you wonder what it is that pulls a potential renter to one property over another. Maybe it’s the types of incentives you offer that residents are looking for?

  • Affordable Rent and Discounts
    When it comes down to it, money is always on the mind. Many renters are looking for a lower monthly rent, which can be a deciding factor in where they choose to live. Make sure that your property is reasonably priced compared to other rentals in the area. Consider offering a month of free rent, or some sort of reduced payment to incentivize applicants to apply.
  • Amenities
    Sometimes, it’s the extra things that draw tenants in. Emphasize the fact that your residence has a pool or a fitness center, or whatever other amenities you may provide. Sometimes these features can make all the difference to a resident, and make your residence look more appealing than the competition.
  • Modernization
    With so much technology at the tips of our fingers, it’s no surprise that renters want modernization. Make things easier on tenants by offering up-to-date options like online rental applications and using SMS text messages for quick updates. You can also offer online rental payments, which offers features like payment reminders for tenants and payment tracking for landlords.
    online rent collection at no cost
  • Upgrades
    In this day and age, it’s all about what you have that others don’t. Renters are drawn to the new and improved, and they want updated features. That being said, upgrades don’t need to break the bank. Simply by upgrading your outlets to have USB and A/C plug ports or upgrading your features to be eco-friendly (and thus save on utility costs) can have a dramatic pull on residents.
  • Location
    While you can’t control the location of your property, it is still a very important feature. Renters want to live in a nice area, so make sure to point out the great things about your property’s location. Is it in a good school district? Are you nearby conveniences like a grocery store or the mall? Let your applicants know what’s in the area, whether it be restaurants, shops, schools, or attractions.

With so many rental properties out there, let potential residents know how you stand apart from the rest. Take advantage of these sought-after incentives and use them to attract the perfect renters for your property. Even the greatest rental may sit vacant at one time or another, so showcase the reasons why residents should call your property their next home.

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