Do you offer any incentives?
In our shared interests we offer lease renewal incentives three months prior to the term of their lease. The amount varies as market conditions change. Often tenants will go through listings to try and spot a property with lower rent or a move-in incentive, which can prove to be a bad deal, as they will end up paying another deposit and other costs associated to moving. The amount of the incentive is aimed to offset lost revenue between tenants, it benefits the property owner in all cases to have a high retention.
Sometimes it is worth accepting a small rental decrease or move-in credit if the goal is to get your property rented 4-6 weeks faster. The rents that will accrue from a shorter vacancy period can offset the perceived loss. In any case, rent concessions and incentives require the owner to take a look long term view.
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