Tenants will absolutely love the allure of high speed Internet and a computer of their very own. Investors and property owners are offering these incentives to retain or reward long term tenants. In order to keep the tenants, there are other rewards that are just as effective and cost property owners a little less such as gift cards to restaurants after the renewal of a lease or gift cards at furniture stores for lengthening an existing lease. An empty house, apartment, mobile home, etc. is money that is being lost each month that these sit empty, savvy investors realize that.
By keeping tenants longer, the same savvy investors are often able to prolong the installation of new carpet, new paint, and other cosmetic repairs which often required when a dwelling is turned over. There is also the time problems of these repairs as many of these cannot be completed in the course of few days and leave the apartment out of commission for at least a week if not longer, in addition to the costs of these repairs. That the time the apartment sits empty is a loss of essential income is the bottom line.
In order to entice renters to sign a lease, there are things you can do if you do have an empty apartment or house. Allowing tenants to select the color scheme for the walls and flooring is one offer that many potential tenants find appealing. Most of rental units only allow white walls to their tenants. Not only allowing them to have walls in designer colors but also doing the work for them has benefits that you can imagine. Many renters who love the idea of the final look but not necessarily the expense or work involved in creating that look will consider this as a great incentive. It is a huge bonus to many renters that they are able to have the colors of choice when moving in. It is something that should not be neglected or overlooked.
The little luxuries such as a dishwasher, garbage disposal, built in microwave, washing machine, or dryer are another thing that tenants find helpful and appreciate in a rental property. Many people find that these luxuries are well worth signing a longer lease and even paying a little extra for each month. If you have the facilities to provide this, garages and carports are another great bonus. In order to make it more appealing to long-term tenants there are other enhancements you can make. Ceiling fans, a fenced in yard for children or pets, and free cable television are included. You will be amazed at the difference they make by these appealing little touches.
You are standing out from the rest by offering your tenants something that every other landlord in the area is failing to offer. When the time to renew the lease comes around, you are also creating a ‘spoiled’ tenant who will not be content with what the other landlords have to offer. In order to keep your clients happy and in place, as the savvy investor you are, you can convince them to once again name their price for staying and offer yet another beautiful incentive, at which time your tenants stick around for yet another six months or year until the new lease expires.