Blog Post

5 Incentives New Tenants Look For

Dustin Edwards • Mar 12, 2024

Finding the ideal tenant is no easy task. Keeping your property's curb appeal and offering competitive rent prices may attract some attention from prospective tenants. Many landlords offer new tenants incentives to stand out and seal the deal.


Below are five incentives many new tenants look for when apartment hunting.


Complementary Month’s Rent

A great incentive for many new tenants is the offer of one or two complementary months of rent included with their lease agreement. Offering a free month of rent may seem detrimental to your bottom line. However, a vacancy can be far more costly. Not only would you not earn income for the month, but you would also need to invest time and money in repairs and re-listing the rental.


When giving this incentive, the free month is typically given at the end of the original lease agreement. This can also help your tenant decide to renew their lease a second time. It also shows your tenant's
appreciation for staying in your rental property.


Lease Renewal Offer

Moving is time-consuming and stressful. Many tenants would prefer to stay in one location until it is necessary to move. Landlords prefer this as well, as it's better for business for a tenant to renew their lease instead of looking to fill a vacancy. For this reason, it's not uncommon for new tenants to be attracted to rentals that offer discounts on lease renewals. This can be in the form of the aforementioned complementary month’s rent, discounted rent for a few months, or an agreement for lowered or no increases in rent.


Utilities included

In general, people aren’t fans of paying bills, especially nowadays, when there are so many subscription services. Having utilities included in the rent may be exactly what some prospecting tenants are looking for. Typically, tenants expect to pay a premium for this kind of arrangement, and it's not uncommon for some tenants' utilities to be less than the premium placed on the rent.


Free WiFi

It's well-established that internet access has become incredibly necessary in today’s world. Children may use it for school, young adults may need it for work, and seniors can use it to stay connected with their loved ones. This has made providing internet access in rentals a great amenity and incentive for new tenants. It also helps your rental property stand out by providing a unique service that has not yet been adapted to changing times.


Allowing Pets

Not every incentive needs to be monetary. Sometimes, being more accepting of pets is enough to sway a tenant to sign a lease agreement for your rental. Young adults have families later than adults in the past and often wait until they’re in their thirties and financially stable. Instead of having children, they are choosing to adopt a pet. This means more and more potential tenants are looking for rentals that allow pets. 


When choosing to
allow pets in your rental, remember a few key items. Firstly, you should expect some sort of additional wear and tear, such as soiled carpets or scratched paint. For this reason, it's common practice to remove carpets in favor of tile and implement an additional pet security deposit to cover any necessary repairs after your tenant moves out.


Reducing turnover rates and quickly filling vacancies is rarely straightforward and usually changes with time. If you’re having difficulty finding new tenants or need help managing your Long Beach rental property, we invite you to call us today at (562) 888-0247 or fill out our
Owner Application online.

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By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
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