Move in Specials v lowered Rent

[Makan A Tabrizi]

I've lowered rent twice to incentivise applicants to move in, with negative results. I understand the market in Denver area is a little saturated so I'm examining other options. I'm a small landlord with 6 units. What are your thoughts on move-in specials? It seems like a no-brainer to give a month free, or something similar, as it would eventually expire. However, do I really want folks that need a month free to apply? Would that attract tenants that might be at risk of paying the rent in the long term? Perhaps I'm looking at this the wrong way? Any comments/advice would be appreciated. Thanks.

[Drew Sygit]

Quote from @Makan A Tabrizi:

I've lowered rent twice to incentivise applicants to move in, with negative results. I understand the market in Denver area is a little saturated so I'm examining other options. I'm a small landlord with 6 units. What are your thoughts on move-in specials? It seems like a no-brainer to give a month free, or something similar, as it would eventually expire. However, do I really want folks that need a month free to apply? Would that attract tenants that might be at risk of paying the rent in the long term? Perhaps I'm looking at this the wrong way? Any comments/advice would be appreciated. Thanks.

A Move-In Special can be CHEAPER than lowering the rent.

Lowering the rent too much can also attract the next lower demographic of tenants:(

If you do lower the rent, make it a percentage - we use 5%.

BEST Move-In Special results:
One month of free rent, 50% credit the 2nd month, the other 50% the 4th month - but only if all payments received on-time!
- Reward good behavior!