Are You Underestimating Move In Cost?
Are you decreasing your advertised rent month over month with no luck?
A lot of owners focus on rent amount. Right now, renters are focused on one thing first: total move in cost.
Not just the advertised rent. The full out of pocket number to get keys in hand. First month’s rent, last month’s rent, deposit, pet fees, admin fees, utility setup. When that number gets too high, your pool shrinks fast, even if the rent is competitive.
It used to be common to require last month’s rent upfront. In today’s market, that will cost you vacancy. Even a full month security deposit can push qualified renters toward large multifamily communities that offer little to no deposit or just a few hundred dollars down.
If you cannot compete on total move in cost, you are competing with one hand tied behind your back.
For owners we work with, we offer a deposit alternative through an insurance partner. The tenant pays a small monthly fee, and the policy covers rent ready costs if there is damage. That keeps move in costs low for the renter while protecting the asset on the back end.