Pre-Lease Signing Incentives
I am filling 8 apartments and a couple of commercial units that I just finished building.
I want to put in place some incentives for new tenants and want to know if anyone on BiggerPockets has done something similar.
Here are a few ideas I have had:
First Month Free: Sign a 13-month lease and get your first month free
Pets: No pet fee for the first 6 months, year, etc
Rent Discounts: Offer a discounted rent for the first month or two for
tenants who sign a pre-lease agreement before a certain date.
Waived Fees: Waive application fees, administrative fees, or security
deposit for tenants who pre-lease.
Free Utilities: Offer to cover utilities such as water, electricity,
or internet for a certain period for tenants who sign a pre-lease.
Upgrade Packages: Provide upgrades or amenities such as free parking,
access to a fitness center, or a smart home package for those who
pre-lease.
Gift Cards or Vouchers: Offer gift cards or vouchers to local
businesses such as restaurants, cafes, or grocery stores as a signing
bonus.
Flexible Lease Terms: Offer flexible lease terms, such as shorter
lease lengths or the option to renew at the same rate, to incentivize
tenants to pre-lease.
Refer-a-Friend Program: Encourage current tenants to refer friends or
family by offering them a reward if their referral signs a pre-lease
agreement.
Early Move-In: Allow tenants who pre-lease to move in a few days early
at no additional cost.
Guaranteed Parking: If parking is limited, offer guaranteed parking
spots for tenants who sign a pre-lease agreement. We could even allow
the first so many to get two assigned spaces.
Apartment Selection: First Come First Serve
Signing Gift: Get a Smart TV when you pre-lease by a certain date
(This could be any item), this could be fund because we could have it
mounted for them.