6 Perks to Attract New Tenants to Your Property

Long-term, responsible tenants are landlord’s dream, but there comes a point when tenants decide to move on. Some move to a more spacious unit to accommodate an expanding family, downsize to cut costs, relocate because of a job opportunity or delve into the world of home ownership.

Regardless of the reason for their departure, one thing is for certain: in order to be successful in the rental business, your units must be occupied throughout the year. And depending on the area of the property, housing market and state of the economy, attracting new tenants can be rather difficult. Know the area and potential target audience before even purchasing the property, then consider offering these perks to prospective renters to sweeten the deal.

1. Alarm Monitoring Services

When searching for a place to call home for the next few months or years, safety is more than likely at the top of the prospective tenant’s list. This is especially significant for families with under-aged children or singles. Assuming the property is in a fairly safe location, offering complimentary alarm monitoring is an easy way to give them an added layer of protection and peace of mind. Check out these reviews of security systems.

2. Gym Membership

If you don’t have a facility on-site (or if you’re renting out a private residence), a complimentary gym membership will entice potential tenants as it reduces their own out-of-pocket expenditures otherwise spent on staying fit. Just be sure the location is within close proximity of the property for added convenience.

3. Equipped In-Town Moving Van

Moving can be costly, especially if the new tenant is making the journey from a distant location or has a ton of items to transport. However, making a fully equipped in-town moving van available to new tenants to is a major perk that could save them a ton of money.

Worried about the costs associated with the initial purchase and upkeep? Don't be! A reasonably priced van can be purchased as an investment, which comes with it's own set of tax perks, and used repeatedly as new tenants move in. And you can install eco-friendly tires on the van to curb gasoline expenditures.

4. Cable Television

For the prospective tenant who’s strapped for cash, the basic package offered by the cable provider may span beyond what they can comfortably afford. But if you can work out an arrangement to obtain services at a discounted rate, you’ll have the competitive edge that may convince them to sign on the dotted line.

5. Free Electronic Device

Freebies are always favorable among those on the receiving end, particularly if the items are valuable and useful. Consider throwing in the tenant’s choice of a free electronic device, such as a tablet or laptop, with a single- or two-year commitment. That should grab the attention of those who are narrowing down their rental options.

6. High-Speed Internet

Make it convenient for tenants to stay connected by offering complimentary Wi-Fi as a part of their monthly rent. Feel free to beef up the rate to cover costs since the tenant will, in essence, be paying for convenience. No credit checks, deposits, installation fees or contracts from the provider. And once their lease is up, they can walk away without having to be concerned with pro-rated bills. If you’re dealing with a college student or new career professional trying to get on their feet, this could be all it takes if all else checks out for them to choose your listing.

Bottom line: the benefits of having steady rental income from responsible tenants outweighs the costs associated with offering these perks.

SOURCE: My Realty Times