During times of high vacancy, nothing can be worse than lowering your monthly rental prices. And it’s no fun having to resort to monetary enticements in order to keep existing tenants or try and draw in new renters. The following tenant gift ideas will boost your bottom line, fill units, create resident loyalty, and reduce turnover. These gifts will also increase the value of your property.
Show your tenants that you want them to call your property home. Offer your tenant a gift for signing a new lease, as a reward for 12 months of on-time rent payments, or even as an incentive for referring a new renter who signs a lease. The goal is to offer creative gifts that add value to your property.
1. Give your tenants the gift of clean carpets
Offering annual carpet cleaning for a specified period of time is a great resident incentive for renewing tenants with allergies, pets, and children. This can extend the life of your carpets and help the tenants feel a sense of continual upkeep and maintenance. Contact multiple carpet cleaning services in your area, they should offer a corporate or volume discount.
2. Gift your renters a garden shopping spree
Gardening gift cards provide an enticing incentive in the spring for both new and renewing tenants. Teaming up with a local garden center or nursery could also get you discounts on gift cards, landscaping services, and gardening products. Add value to your property while saving money on your upkeep costs.
3. Upgrade your residents’ locks
For both new and existing tenants who are tech-savvy and concerned with security, an upgrade to a smart keyless lock is an exciting tenant gift and an inexpensive way to add value to your property. Consumer Reports’ top pick is the August Smart Lock Pro + Connect Adapter.
The smart lock replaces the interior part of your existing deadbolt and offers multiple features like auto-lock and unlock, and electronic key creation for guests and handymen. The Connect Adapter lets your tenant remotely control the lock and use it with Amazon Alexa, Apple Siri, and Google Assistant’s voice control.
4. Give your renters a luxurious every day spa experience
One thing most renters have in common is that they are looking for luxury accommodations without the luxury price tag. One smart way to achieve this is with rainfall showerheads. Offering this gift to new and existing tenants is a wonderful way to add value to your property while creating a loyal tenant.
5. Upgrade your tenants’ wall outlets
With mostly every electronic device utilizing USB charging these days, outlets are a hot commodity in every household. Offer to upgrade both new and existing tenants’ electrical outlets to 3.6 AMP Dual USB Charger and 15 Amp Receptacles and you are practically guaranteed a happy renter and a happier property value. Save even more by replacing these yourself.
6. Make your residents smart with this thermostat-wise tenant gift
Make a current tenant very happy by upgrading to a smart thermostat. Consumer Reports recommends the Honeywell Lyric T5 as it gives many smart features without breaking the bank. Save even more by installing it yourself. Just be sure to check that it is compatible with your existing system and wiring. Most smart thermostat manufacturers will offer compatibility checklists or tools on their websites to check out before your purchase.
7. Give your renters the gift of sight when they’re not home
In the age of delivery, your renters not only want to see when their packages get dropped off, but they want to make sure no one is taking them. Nest Hello Video Doorbell, also recommended by Consumer Reports, offers new and existing renters an extra sense of security while offering you a boost to your property value.
These doorbells will send a notification to a linked smartphone when they detect motion or when the doorbell is pressed and then save a clip of the video footage. The Hello Video Doorbell has high-quality video capabilities and does not require batteries as it is hardwired. If there is no doorbell wiring, there are battery operated brands.
8. Add extra storage space
For apartment dwellers, storage space is something that they are always at constant odds with. Find an area such as a basement, outbuilding, or storage room and convert it into separated storage closets dedicated to each apartment. Offering this additional storage space to your tenants upon move-in is not only a huge added value to your renter but a value-added to your property as well.
Offering tenant gifts to your existing residents and new renters is a great way to build loyalty to keep tenants longer and fill vacant apartments without lowering prices. In a recent survey, “half of males and 41% of females aged 26 to 35 say they would be more likely to stay at a rental property if offered an incentive when the lease is nearly up.” Be smart with your incentives: give a tenant gift that will add value to your property while making your tenants happy.
Contact the experts at Theresa Bradley Banta Real Estate Consultancy for help on how to implement these ideas and others into your real estate investment plan.
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