If you own property then you have probably had at least once where you had to go find someone to live there. Rental property is not at all effective if there is no one living in it.
So therein lies the challenge, how do you get someone to live there? The key is to show that you provide a great living experience while staying at your apartments or house. How do you do that? By offering perks.
Perks for tenants could include many things. We’ve identified some that may stand out above the rest.
Rent
Evaluate how much you are charging for rent. Of course, you have to charge enough to make a profit, and to do so is sound business practice. What we are suggesting is to be more competitive with your rent.
If you own an apartment building, and there is one just like it close by that charges $800 a month, could you lower yours to $775 and still be turning a profit? People love to get a deal of any kind, especially one that occurs each month.
Utility payments
If you can’t compromise on your rent price, then maybe you could consider what utilities could be provided to the tenants as a benefit of living there.
This can be expensive, so you would have to plan carefully. Some apartments take care of the water bill. Others provide WiFi to all residents. Other apartments make tenants pay all the utilities. While you are under no obligation to pay any utilities, it would be a very enticing perk to potential tenants.
Storage
Most of us probably have way too much stuff. One thing that causes problems for a lot of people is living in a smaller space and trying to find room for everything. While some things can easily be donated or trashed, it is sometimes necessary or desirable to keep things on hand, even if you aren't currently using them.
Providing at least a small amount of storage for each tenant will be a feature of your apartment that people will love. They will be grateful that they don’t have to get rid of needed items and that they aren’t paying a monthly fee for a storage unit.
Exercise facilities
If you are able to provide facilities like a pool or a gym, people would be very excited about your place. It is nice to have access to those things.
It would save your tenants money by not having to buy a gym membership, and it would provide them more convenience in their lives that they would surely appreciate. Plus, healthy people are generally happier. If your tenants are happy, you will be too.
The big theme behind these perks is saving your tenants a few bucks. Yes, that will come from your profits, but it will also lead to you being more likely to never have a vacancy. That is a perk for you that can’t be beaten.
If you’re struggling to find good incentives for tenants, or if you are having a hard time, in general, to keep your properties filled, you should consider checking out a local property management company. They have the experience and know-how to maintain and market your rental properties.
