ISO renewal incentives that work for large properties.

ISO renewal incentives that work for large properties. Tips and tricks to prevent yearly turns too! ????☺️

Offer 1 time maid service.

We send out letters 60 to 120 before their lease is up and incentivize them to renew by "x date" and their rent will only go up "$x amount" but if they want until after that it will be twice as much or whatever. That way you get renewals way ahead of time, and they feel like they're getting a deal! ???? always works for me! Creates that sense of urgency too to hurry up and renew

What we have done is upgrade the faucet thermostat, Lighting to LED, knobs on the cabinets, give them a change to change their place and they love it, and this will very depending on the age of your property and one property that I work at we did breakfast every Saturday morning..

Cash or Amazon Gift Cards No matter the demographic it always works!

Carpet cleaning (free to them) or early bird renewal specials or rent Increase is only 2% if you renewal by the early bird deadline and might jump to 4/5% if the deadline passes. Works like a charm for us.
(480) unit property.

I group 3 months of renewals and tell them if they renew within 7 days they get entered for a free month drawing-we normally have lines out the door on day 7! We have been averaging anywhere from upper 80-90% renewal percentages each month and I am at a 334 unit community.

We offer complimentary carpet cleaning. After living in the same home for 3 years, we offer to repaint the walls and after 5 years, carpet replacement.

I emphasize the value of the product and the staff! I encourage residents to shop the competition because our product is a better value. Plus, all of our office staff are licensed real estate agents!

Charging stations, install usb outlets, led light change out, maid service.

At my property when they renew we will shampoo their carpet and replace their frig water filter????????‍♂️????????‍♂️

We start renewing 120 days out. Starts with an inspection. The idea of renewing early so rent will only go up just a little bit if you renew by 90 days. The renewal gift we've used in the past included a new mini blind, free carpet cleaning, touch up paint, free ceiling fan, free item removal, and a couple of other things. It's not as flashy as some, but our property is a bit older and not as expensive as most. Oh, one of the most popular ones is $50 off for the renewal month. I renew anywhere between 30 and 60 people a month.

Have renewal pizza parties...and at least 2 resident events for the month....make sure every work order is closed within 24 hrs

I Read "Nudge" by Richard Thaler and Cass Sunstein and changed a bunch of our communications as a result. Just telling renters that "most people are renewing" (assuming it's true) and giving them some context to explain why the rent increase was reasonable (ie. "it's 3%, and overall, in our market, rent is going up by 4%"). Resulted in a meaningful increase in renewals where I tested it, with no cost

5 to 7 years they get all new blinds. 8 to 10 years gets new washer and dryer or fridge and stove. Over 10 new carpet or free onsite transfer to upgraded unit with us paying for 2 hrs of movers