Offering Rent Concessions For A Good Tenant?

2 Replies

I had previously posted about this but I believe people misinterpreted what I meant and then it fell down the chain of posts.  If you get a vetted, high quality tenant that is likely to be a safe bet to make money, would you reduce rent in order to close the deal?  I am talking about 3-6% on monthly rent.  The idea is the discount will entice the quality tenant and then he will lease from me.  It really comes down to the question, how much is a good tenant worth?

@Alex Johnson My initial response is No, however I guess in some instances you might consider. Personally though, I would not. If you are offering one of the best products out there, at a competitive (this does not mean lowest) price and you provide prompt and professional service as the landlord, then why why reduce price?? I get being afraid of vacany, but if you are offering a great place and meet all your obligations as the property owner / landlord, don’t compromise. I rent properties in a small town (currently 9 doors), each one was listed and now earns higher rent than any other comparable properties in the town. I make it a point to explain why our rents are slightly higher to all potential tenants. I explain how we operate different from a “landlord”. Meaning, if something breaks, our contractor will be here within 24/hr, refredigertor breaks, new one deleoveres timorrow, etc... you call with a concern, we respond same business day or the very next. I’ve found tenants have been very willing to pay a premium for a higher quality landlord experience. This also has a way of getting out trouble tenants and aligning the right tenants to my properties. Good luck