Incentives To Entice New Prospective Residents

If you're trying to set yourself apart from the competition, incentives are one sure fire way to do it. If you have a pool, it's likely another local community will have one as well. If you offer excursions or community field trips, you're probably not the only one. If you have a pet-friendly community with plenty of amenities, your prospects will be able to find another community that does, too. Setting yourself apart from other communities within the area is tough, but incentives can make doing so quite a bit easier.

Incentives are little extras you can offer to prospective residents then they sign a new lease, or a way to extend appreciation to existing residents who renew. Some ideas for easy incentives any community management team can offer are:

• Offer a month free -- For existing residents or new ones, offering a free month is one of the more high-value incentives you can provide and therefore one of the most enticing. Making a move is an expensive thing, and this one incentive can be enough to clear any other competing communities from the mind of a prospect.
• Offer different lease terms -- Both longer and shorter lease terms can be attractive to new prospective residents. Incentivized longer leases can help to attract residents who plan on sticking around in one spot for a while. Shorter lease terms can help to fill vacancies with students, those in the area short-term for work, or those looking to purchase a home in a new area but need a place to stay in the meantime.
• Offer pet fee specials -- According to a 2022 Renter Preferences Survey, more than half of prospective residents today are looking for a pet-friendly space. If your community falls into that category, you already have one thing that sets you apart from other communities, but that doesn't mean you can't add to that as well. A reduced pet deposit can be just enough to set you ahead of the competition.

Incentives, especially unique and useful incentives, can be your ticket to standing out within your area. To learn more about what you can offer to prospective residents, contact us at OccupancySolutions.com today.