Best Incentives for Retaining Tenants

More people are choosing to rent instead of buy these days. Multi-family construction has grown by roughly 300% since 2010, giving renters many more living options should they choose to move at the end of a lease.

Data was compiled by Software Advice, a trusted resource for software buyers. Visit www.softwareadvice.com. The survey included nine questions, each of which was seen by ~500 unique respondents. Infographic design by TOPS Software. Visit www.topssoft.com.

Conclusion In general, the data shows that residents are mostly likely to respond to

incentives that save them money or provide a tangible added convenience.

While this isn’t to say that a friendly welcome or remembered birthday

isn’t helpful, the perks that go the furthest in convincing residents

to renew their lease have immediate recognizable value.

Top Incentives 1. Monetary 2. Unit Upgrade 3. Free Service 4. Household item

A discount on rent is the most preferred monetary incentive.

Gym memberships and covered parking are the most preferred non-monetary incentives.

The best time to offer incentives is during the initial lease signing or right before a lease expires.

11%of respondants would prefer FREE SERVICES over other incentives.

47% Free gym membership

30% Free Grocery delivery service

13% Tickets to local event

10% Free car-share service

When is the Best Time to Offer Incentives?Just before lease ends and when signing your lease came out on top. These are the times when residents are weighing every feature and option about their living environment, so tossing in an extra perk, free service or item can be the final nudge a renter needs to stay at your property.

45% Just before lease ends

43% When first signing your lease

6% After sending move-out notice

6% A few months after signing

52%of respondants would prefer MONETARY REWARDS over all other inventives.

11%of respondants would prefer HOUSEHOLD GOODS over other incentives.

37% Kitchen Appliance

26% TV

20% iPad / tablet / computer

17% Furniture

58% Rent Discount

28% Cash

10% Security deposit rebate

4% Gift cards

Top Forms of Monetary Rewards

Top Free Services

Top Preferences for Household Goods

Retaining residents is far less costly than finding new ones, so what can property managers do to make their apartments more appealing to residents and gain an edge over the competition?

Renters were surveyed to find out!

35% Covered parking spot

24% Free upgrade to better unit

21% Free upgrade to a green unit

20% Free storage space

26%of respondants woud prefer a UNIT UPGRADE over other incentives.

31% New Carpet/flooring

30% Washer/dryer

30% Kitchen appliances

9% New wall paint

Top “inside” Unit Upgrade Preferences

Top “outside” Unit Upgrade Preferences

41% of those who chose monatery incentives were aged 25-34 (the age group of the majority of renters).

Key Findings

0% 10% 20% 30% 40% 50% 60%

65+

55-64

45-54

35-44

25-34

18-25

Age Group

Percentage who chose discounted rent or cash in each age group

Best Incentives for Retaining Tenants

More people are choosing to rent instead of buy these days. Multi-family construction has grown by roughly 300% since 2010, giving renters many more living options should they choose to move at the end of a lease.

Data was compiled by Software Advice, a trusted resource for software buyers. Visit www.softwareadvice.com. The survey included nine questions, each of which was seen by ~500 unique respondents. Infographic design by TOPS Software. Visit www.topssoft.com.

Conclusion In general, the data shows that residents are mostly likely to respond to

incentives that save them money or provide a tangible added convenience.

While this isn’t to say that a friendly welcome or remembered birthday

isn’t helpful, the perks that go the furthest in convincing residents

to renew their lease have immediate recognizable value.

Top Incentives 1. Monetary 2. Unit Upgrade 3. Free Service 4. Household item

A discount on rent is the most preferred monetary incentive.

Gym memberships and covered parking are the most preferred non-monetary incentives.

The best time to offer incentives is during the initial lease signing or right before a lease expires.

11%of respondants would prefer FREE SERVICES over other incentives.

47% Free gym membership

30% Free Grocery delivery service

13% Tickets to local event

10% Free car-share service

When is the Best Time to Offer Incentives?Just before lease ends and when signing your lease came out on top. These are the times when residents are weighing every feature and option about their living environment, so tossing in an extra perk, free service or item can be the final nudge a renter needs to stay at your property.

45% Just before lease ends

43% When first signing your lease

6% After sending move-out notice

6% A few months after signing

52%of respondants would prefer MONETARY REWARDS over all other inventives.

11%of respondants would prefer HOUSEHOLD GOODS over other incentives.

37% Kitchen Appliance

26% TV

20% iPad / tablet / computer

17% Furniture

58% Rent Discount

28% Cash

10% Security deposit rebate

4% Gift cards

Top Forms of Monetary Rewards

Top Free Services

Top Preferences for Household Goods

Retaining residents is far less costly than finding new ones, so what can property managers do to make their apartments more appealing to residents and gain an edge over the competition?

Renters were surveyed to find out!

35% Covered parking spot

24% Free upgrade to better unit

21% Free upgrade to a green unit

20% Free storage space

26%of respondants woud prefer a UNIT UPGRADE over other incentives.

31% New Carpet/flooring

30% Washer/dryer

30% Kitchen appliances

9% New wall paint

Top “inside” Unit Upgrade Preferences

Top “outside” Unit Upgrade Preferences

41% of those who chose monatery incentives were aged 25-34 (the age group of the majority of renters).

Key Findings

0% 10% 20% 30% 40% 50% 60%

65+

55-64

45-54

35-44

25-34

18-25

Age Group

Percentage who chose discounted rent or cash in each age group

Best Incentives for Retaining Tenants

More people are choosing to rent instead of buy these days. Multi-family construction has grown by roughly 300% since 2010, giving renters many more living options should they choose to move at the end of a lease.

Data was compiled by Software Advice, a trusted resource for software buyers. Visit www.softwareadvice.com. The survey included nine questions, each of which was seen by ~500 unique respondents. Infographic design by TOPS Software. Visit www.topssoft.com.

Conclusion In general, the data shows that residents are mostly likely to respond to

incentives that save them money or provide a tangible added convenience.

While this isn’t to say that a friendly welcome or remembered birthday

isn’t helpful, the perks that go the furthest in convincing residents

to renew their lease have immediate recognizable value.

Top Incentives 1. Monetary 2. Unit Upgrade 3. Free Service 4. Household item

A discount on rent is the most preferred monetary incentive.

Gym memberships and covered parking are the most preferred non-monetary incentives.

The best time to offer incentives is during the initial lease signing or right before a lease expires.

11%of respondants would prefer FREE SERVICES over other incentives.

47% Free gym membership

30% Free Grocery delivery service

13% Tickets to local event

10% Free car-share service

When is the Best Time to Offer Incentives?Just before lease ends and when signing your lease came out on top. These are the times when residents are weighing every feature and option about their living environment, so tossing in an extra perk, free service or item can be the final nudge a renter needs to stay at your property.

45% Just before lease ends

43% When first signing your lease

6% After sending move-out notice

6% A few months after signing

52%of respondants would prefer MONETARY REWARDS over all other inventives.

11%of respondants would prefer HOUSEHOLD GOODS over other incentives.

37% Kitchen Appliance

26% TV

20% iPad / tablet / computer

17% Furniture

58% Rent Discount

28% Cash

10% Security deposit rebate

4% Gift cards

Top Forms of Monetary Rewards

Top Free Services

Top Preferences for Household Goods

Retaining residents is far less costly than finding new ones, so what can property managers do to make their apartments more appealing to residents and gain an edge over the competition?

Renters were surveyed to find out!

35% Covered parking spot

24% Free upgrade to better unit

21% Free upgrade to a green unit

20% Free storage space

26%of respondants woud prefer a UNIT UPGRADE over other incentives.

31% New Carpet/flooring

30% Washer/dryer

30% Kitchen appliances

9% New wall paint

Top “inside” Unit Upgrade Preferences

Top “outside” Unit Upgrade Preferences

41% of those who chose monatery incentives were aged 25-34 (the age group of the majority of renters).

Key Findings

0% 10% 20% 30% 40% 50% 60%

65+

55-64

45-54

35-44

25-34

18-25

Age Group

Percentage who chose discounted rent or cash in each age group