 lease renewal incentives (by GM [MD]) Oct 1, 2009 3:38 AM
 lease renewal incentives (by David [FL]) Oct 1, 2009 4:42 AM
lease renewal incentives (by MrRational [MD]) Oct 1, 2009 7:14 AM
lease renewal incentives (by James [MA]) Oct 1, 2009 7:16 AM
lease renewal incentives (by Getty [GA]) Oct 1, 2009 7:28 AM
lease renewal incentives (by Steve [FL]) Oct 1, 2009 7:40 AM
lease renewal incentives (by NotNice [MA]) Oct 1, 2009 7:43 AM
lease renewal incentives (by billy [MA]) Oct 1, 2009 7:58 AM
lease renewal incentives (by Theresa [TX]) Oct 1, 2009 8:09 AM
lease renewal incentives (by Erin [FL]) Oct 1, 2009 11:55 AM
lease renewal incentives (by keith [PA]) Oct 2, 2009 10:02 AM
lease renewal incentives (by Chi [GA]) Apr 9, 2013 8:52 AM
lease renewal incentives (by GM [MD]) Posted on: Oct 1, 2009 3:38 AM
Message:
State Specific Question About: MARYLAND (MD)
Are you finding it necessary to offer incentives to retain tenants? We were considering an incentive option with a lease renewa letter
1) $250 credit to be used any one month during the next lease term
or
2) offer tp paint rooms or clean carpets
Is this a good idea? It would cost more than any of these options for us to advertise for a new tenant
--71.166.xx.xxx |
lease renewal incentives (by David [FL]) Posted on: Oct 1, 2009 4:42 AM
Message:
If you are expecting several non renews, then yes it sounds good. The bigger question is why are they leaving. It costs money to move, you might point that out in the renew letter. Are you rasing rents beyond what they can get elsewhere? Have conditions changed that they want to move? Why?
Back to your question, is it a good idea. Yes, anything that keeps a resident and costs less than getting a replacement is a good idea. --205.188.xxx.xx |
lease renewal incentives (by MrRational [MD]) Posted on: Oct 1, 2009 7:14 AM
Message:
Absent issues like down or upsized families, or school district issues or job transfers or job losses (where you want them out)...
I'd be more concerned about learning why people would take on the trouble and expense of moving, of completely disrupting their lives rather than extend a lease and pay a modest increase consistent with taxes and insurance but still competitive with the market.
So... why are they leaving *you*. --65.127.xxx.xxx |
lease renewal incentives (by James [MA]) Posted on: Oct 1, 2009 7:16 AM
Message:
Get out of the renewal thinking. Renewal gives the tenants the idea to look around. Send a letter offering an anniversary gift using the items you have described. Now, they are getting something without giving the idea that they should look at other places. --204.155.xx.xxx |
lease renewal incentives (by Getty [GA]) Posted on: Oct 1, 2009 7:28 AM
Message:
I haven't provided any incentives such as concessions for lease renewals yet. I do have a few long-term tenants who are currently paying above market and when their leases renew I will adjust their rental amounts to market rate which is going to be about a $25-$30 "discount." --71.12.xx.xxx |
lease renewal incentives (by Steve [FL]) Posted on: Oct 1, 2009 7:40 AM
Message:
I think the single biggest issue at renewal time is to make 1000% certain the rent is at/or below what they would find should they go shopping. Anymore, I have a short letter included with the renewal offering the rate with a time frame allowing sufficient shopping time to sign and return. Early on, I had problems by not allowing them time to discern what was fair but since then have not had a move-out strictly related to lease term ending. --98.183.xx.xx |
lease renewal incentives (by NotNice [MA]) Posted on: Oct 1, 2009 7:43 AM
Message:
Not calling it a renewal is a good idea. Renewals get tenants thinking about whether or not they want to move.
When I gave my tenant a notice of rent increase (still keeping the rent slightly under market), I also offered to shampoo the wall-to-wall carpet and put a ceiling fan in the second bedroom. She was delighted at both.
I got the bonus of getting into the apartment to make sure everything is ok (not an issues with this tenant, but I like to keep up good LL practices). Also, didn't cost me anything (got the fan for free and used a shop vac on the carpet). And, doing something like the fan allows me to do something to keep the place upgraded and competitive in case she moves out (as opposed to a lot of work between tenants).
Monetary credits are iffy. Indicates to the tenants that you are willing to negotiate money. That's a door I keep shut.
--67.150.xx.xx |
lease renewal incentives (by billy [MA]) Posted on: Oct 1, 2009 7:58 AM
Message:
i keep current on my repair schedule and have moderate rents and suggest dinner on me during the holidays if they are good guys.seems to work. --208.58.x.xx |
lease renewal incentives (by Theresa [TX]) Posted on: Oct 1, 2009 8:09 AM
Message:
As asked above, why are they moving? If it is because of you or your property...correct it. If it is due to the economy...incentives are great.
I would also stay away from a cash offer, if you can afford to give them $250.00, they will figure out you have been overcharging them $20.00+ per month.
I have done like NotNice-MA, except it was either or, not both. Also a free pizza/fast food coupons/gift cards are good as well. --64.148.xxx.xxx |
lease renewal incentives (by Erin [FL]) Posted on: Oct 1, 2009 11:55 AM
Message:
I think giving giving small upgrade at time is best way to go as well as of course keeping rent competitive. If rent is more than similar places in the area people will move, especially if they think they are getting a rent increase without any update to the place (they don't care about increasing costs and taxes). I've seen from friends renting the biggest time they get upset and move is when they get rent increase notice and the place is old, outdated, not best condition, and has not been updated in any way in years. They don't want to pay more for the same old place, they want to see that the rent increase is getting the place a little nicer. As said before it keeps your up your market value too having upgrades and it doesn't have to be anything expensive to have great value in tenants mind. --24.250.xxx.xxx |
lease renewal incentives (by keith [PA]) Posted on: Oct 2, 2009 10:02 AM
Message:
Is it time to replace the refrigerator or similar appliance? --209.219.xxx.xx |
lease renewal incentives (by Chi [GA]) Posted on: Apr 9, 2013 8:52 AM
Message:
Apartment complex offered "free" carpet cleaning with renewal of lease. I've renewed twice since then and set up numerous appointments for the services at the leasing office but have yet to get my incentive! Its been over a year and they since then hiked up the rent but still no incentive. What shall I do?? I've already spoken with management several times throughout this and last year and they shrugged it off and state that they will "take care" of the issue, but no one ever comes and does..... Should I be entitled to something?? --108.202.xx.xxx |
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