Advertiser Disclosure

advertising disclaimer
Skip to main content
for rent sign in front of brick building

4 Specials You Can Run on Your Property to Get Tenants in the Door


Aug 04, 2020 by Aly J. Yale

Vacancies equal financial loss -- there's just no way around it. You're not bringing in rent. You're stuck paying the mortgage, bills, and utilities. You even have to take care of the property yourself -- and that's not cheap either.

Unfortunately, vacancies are sometimes unavoidable. And in today's economic climate? You might find yourself facing more of them than normal.

Are you expecting a vacancy in the coming months? Trying to fill a unit now? Consider running one of these specials to pique renter interest and get those new tenants in the door:

1. Waive your application fee

Often, just an application fee or credit check fee can be a turnoff to a renter, especially if they're facing financial difficulty. You might think about waiving certain upfront fees for renters willing to fast-track their move-in if approved. At the very least, consider lowering your application fee below that of your competitors.

2. Reduce your rent

Reducing your rent might not sound ideal, but if it's in exchange for a longer-term lease (maybe 18 months or two years), it could be worth it in the long run. Think of it this way: Lowering your rent from $1,100 to $1,075 would reduce your proceeds by $300 per year. But, if that lower rate comes with a two-year lease, it could also cut out at least a month or two of vacancies -- maybe even more. Considering a vacant month would cost you $1,100 at your normal rate, $300 is much better for your bottom line.

If you go this route, just make sure you're extra careful when choosing a tenant. You don't want to get stuck with a bad renter on an extended-term lease.

3. Throw in the first month for free

Similarly, throwing in a free month's rent can also be a smart move. This is best used when the tenant would be moving in mid-month, paying a prorated rent anyway. It means the same loss as a month's vacancy, but it also looks super attractive when advertising your rental. If there's a lot of competition or you're worried about months-long vacancies, it might be your best path forward.

4. Offer an upgrade

There are lots of places you can take this one. Throw in a washer-dryer or fridge, roll in a utility bill, or add an extra parking space. You could even just include a gift card to Home Depot (NYSE: HD) or Walmart (NYSE: WMT) -- somewhere the tenant can get home furnishings or decor.

These might not seem like huge offerings on paper, but if you're up against other properties that don't offer these -- or worse, charge handily for them -- it could put you ahead of the pack.

The bottom line

You don't have to take vacancies lying down. Running a move-in special can be a great way to get attention as well as reduce your vacancies and the costs that come with them. You can also try these rental advertising strategies on for size.

Unfair Advantages: How Real Estate Became a Billionaire Factory

You probably know that real estate has long been the playground for the rich and well connected, and that according to recently published data it’s also been the best performing investment in modern history. And with a set of unfair advantages that are completely unheard of with other investments, it’s no surprise why.

But in 2020 the barriers have come crashing down - and now it’s possible to build REAL wealth through real estate at a fraction of what it used to cost, meaning the unfair advantages are now available to individuals like you.

To get started, we’ve assembled a comprehensive guide that outlines everything you need to know about investing in real estate - and have made it available for FREE today. Simply click here to learn more and access your complimentary copy.

Aly Yale has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Home Depot and recommends the following options: long January 2021 $120 calls on Home Depot and short January 2021 $210 calls on Home Depot. The Motley Fool has a disclosure policy.