Creative move-in specials?

Question

I have an unexpected vacancy coming up in ~30 days. Has anyone done anything creative recently in terms of move-in specials that worked well? It's a 3 bd/3ba B+ townhome that tends to get a lot of interest from groups.

Familiar with most of the specials that large apartments run but would like to see what else draws interest.

Scott Mac · Answer

Maybe a free rock with every purchase?

https://www.youtube.com/watch?v=oq9tEi8FrAw

Seriously though, are you in a situation where you must offer rent concessions and other goodies to get the lease signed.

Could you get the same amount of rent money without it in the same amount of time?

Or are you just trying to match the competition but in a unique way?

Are your units bigger, more modern, bigger windows, better interior colors, then your competition.

Because maybe just highlighting the big pluses of your units compared to the competition means you would not need to offer rent concessions of any kind.

But if your units are just comparable or less than the competition, and you're having trouble getting people to sign on the dotted line for a lease, then maybe try concessions/ gifts, things like that.

Have you thought about those kinds of things?

Good Luck!

Johann Villalvir · Answer

Throw "move in" help. It could only cost you $300, yet really incentivize someone to move in

Marcus R. · Answer

Ahhhh good thinking, love it!  Thanks for the tip. We have a moving company that we love to use so it would be great to support them.

V.G Jason · Answer

If it gets interest as is, then post it as is. If it doesn't garner the interest you're hoping for(assuming Jan-Feb expectations), then a week or 10 days later put a little move in special that's deducted from their first month's rent if applied & moved in by say end of February. It only applies to qualified tenants.

We gave our notice to two tenants this week that we will not renew our lease-- cause frankly my PM hates them and I can't have her dealing with that nonsense. She was worried it won't rent as quick(lease date is toward end of March 2024) and thinks the prices will lower as we get closer so she wanted to get in front of it. It's in a good area of San Antonio, we posted it Tuesday and it's got a lease done by Friday. The second one has had plenty of applications(over 15) with viewings likely to happen after this little Texas freeze off.

Really good areas are still getting attraction and demand, and everyday we get closer to spring the applicants are picking up. Lots of leases roll off in March-May, people will be looking a lot more in the next 2-4 weeks.

Brittany Guimond · Answer

We knocked $500 off a tenant's first month's rent on our Arvada LTR to incentivize them to sign the lease. Perhaps knocking something off or waiving pet rent (since you can only collect $35/month with the new Colorado law) if you allow pets...?

Alecia Loveless · Answer

@Marcus R. My market is generally just so inundated with people looking for a nice, clean, safe, reasonably priced (meaning not price gouging but in line with fair market rates) place to live that I don’t need to do much to get mine rented. I feel like a lot of markets are like this right now but maybe to speed up the process assistance is needed.

I do like to idea of offering move in assistance.

I’m sure paying something for movers can be somehow credited towards your taxes next year. But this is not tax advice as I am not an accountant. Please consult a tax expert.

Marcus R. · Answer

Thanks for the feedback!  Good to hear what's happening in other markets.  I'm probably over thinking it.  We have a lot of new apartment buildings coming online in Denver and recently I've noticed a lot more incentivizes from the large/new apartment complexes recently (move in specials, nicer amenities, very high end finishes, lower requirements, etc...). Area is in high demand and it's a nicer end property and March won't be too far off from when the tenants vacate.  Vacancy costs approx $128 a day so it's nice to get a leased signed quickly (even if future dated).

Creative move-in specials?

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