The practice of offering prospective residents a move-in special or incentive is a tried and true method to increase interest in your apartment vacancies. Offering a free month’s rent with a year lease can be very enticing to prospects that are on a budget (and let’s face it – nearly ALL prospects are on a budget these days). The act of moving can be an expensive venture: the new tenants have packing material to pay for, moving trucks to rent, and a new security deposit to put down. Most prospective apartment rental tenants do not get their previous security deposit returned for several days or weeks after they move out, which is most certainly a detriment to their wallets.
Another idea is to offer a split security deposit: if the new residents have good credit and great rental history, why not allow them to pay the security deposit in two installments instead upon move in? (Our property management company has had considerable success with the “Security Deposit Special” promotion in the Los Angeles and San Diego areas)
By offering a move in incentive, it allows the new renter to “save” a little money up front, insuring they can move comfortably into their new homes and still be able to maintain their current lifestyles.
What types of move-in specials does your property management company offer perspective residents? Have you have a certain type of incentive that has worked more than another?