Would you discount rent on a unit for a good tenant? Offering a discount on monthly rent will more or less help close the deal and ensure I get a good renter. Is this a good practice and how much would you recommend discounting a $2,000 a month apartment? I was thinking 5-10%.
Updated almost 3 years ago
EDIT: So it seems people are rejecting this because it doesn’t save you anything as you still most screen all tenants and follow through with the process. However, would you be willing to do a discount for a pre vetted good tenant? In this way you save yourself time and money by closing the deal faster with a secure tenant.
Personal I wouldn't but in my market I have no problem filling my houses with great tenants. I haven't had to evict a tenant since 2000.
I do now. Calculate a month of vacancy and updates. Math is usually better to keep em.
Consider an incentive (trade) rather than a straight up discount (giveaway), either offer a lower rent amount if they set up their rent payment on "auto pay", or offer a rebate if rent is paid on time for 12 months straight, month 13 rebate they earn can be a $600 BestBuy card for instance. Build that $50/month into the rent now, they can earn it back by paying on time. If they earn it you buy the card on your double miles CC to mitigate your cost, if they don't earn it you're probably earning the extra $600 if you catch my meaning.
Rent discounts are a ridicules hobby landlord practice. They operate like they are selling used junk at a garage sale...….motivated by insecurity.
A "good" tenant is one that pays full market rent.