Rent Specials & Offers to Attract Tenants Fast

One of the simplest offers to drive in leads is to waive any fees associated with applying for a property. At RCW, we accept applications through an online system for a fee of $35. To some people, especially those that have already paid for applications at other units, this can seem expensive. So, if we think we’ve got a good candidate that’s on the fence about applying, it’s worth it to waive the app fee to get them to commit!

If you’re not anticipating your new applicants to damage your property because you’ve screened them thoroughly and called their rental references, then a special offer on the security deposit really doesn’t hit your pocket as an owner. For a qualified group, we’ll often offer ½ off on the security deposit to save them some of the upfront cost in moving. This is a highly effective tool when you have a decent pool of candidates.  

There are a few different rent specials that have worked for us at Robert C. White & Company. Probably the most effective of the rent specials is a free 1st month’s rent or ½ off 1st month’s rent with lease starting by a predetermined date. [Example: “Charming 2 Bedroom Apartment Downtown - ½ off your first month’s rent with a lease starting on or before 10/1] Scarcity is a big reason people make decisions to purchase, and if they think your unit is going to rent quickly, they’ll be more likely to request a showing and apply for the unit!

Another effective offer can be a decrease in the rental rate with an extended-term lease. Say you typically rent your property for $1,500/month on a 1-Year term. You also know that it costs you around $750 and 10-15 hours to remarket and get it rented each year. Why not then, offer a 2-Year term at $1,450, and lock tenants into a longer lease? If you break down the numbers in the above scenario, the owner saves themselves time and effort remarketing after the first year, and makes an extra $150 over the course of two! From our experience, longer-term tenants also tend to treat a property better and are more likely to extend their lease again. 

Another special offer that may entice the right groups is a promise to waive other fees normally associated with renting like pet, parking, or storage fees. 

The thing about pets is, if you’re screening them properly and get a good reference from a previous landlord, it may make sense to waive fees or deposits to get quality candidates to sign a lease with you. Good pet owners also tend to be good tenants, so if eliminating a monthly pet fee is all it takes, why not try it? For the right group, waiving fees for extra storage space or additional access to parking can also be effective, especially when those fees aren’t greatly impacting your bottom line.

One last special offer you can try in your property marketing is the “Free Giveaway...” everyone likes FREE! Gift cards, event tickets, move-in boxes, or even use of a truck on move-in day are all good examples of giveaways at lease signing. Sometimes a $50 gift card to the city’s most popular restaurant is all it takes for a couple to choose your unit over another! 

Sometimes the market is firing and your rental property won’t require special offers or tricks to get it filled. At other times, like the dead of winter or the start of a pandemic, your rental property may be listed forever without a bite. When your property isn’t getting any hits, try mixing in some of the offers we’ve presented and let us know how it works for you. Rent specials, security deposit savers, and product giveaways are just a few ways you can attract quality leads fast when the market’s moving like molasses! Happy Hunting! 

Have questions? Contact us directly at info@robertcwhite.com or (860)  613-6290. You can also submit the contact form below and we'll reach out to you in a timely manner!