Looking for ideas on incentives to get tenants to vacate 30-60 days for the purpose of renovating.

Looking for your ideas (that were successful), on incentives to get tenants to vacate 30-60 days for the purpose of renovating. The renovations are too extensive to allow the tenant to remain in the unit. I have 300 (dated) units that need updating within 5 communities. I do not have any vacant units I can use for “temporary” housing. We tried “cash for keys”, it sparked some interest, but not enough (or fast enough). The owners are anxious to complete this project in a short period of time. Any suggestions are appreciated!

We just issue non renewals and tell them that unfortunately we're undergoing renovations. I try to give them ample notice if possible.

Does the lease say anything about force transfers? We used that method recently at my property and offered monies off the rent…if the rent is $1,000 and they have 4 months left, we would split it evenly and offer $250 concession for the remaining 4 installments due to the inconvenience.

Non renewals - I have done a lot of full renovations and this is the best way. We give ours out 90 days in advance so they have plenty of time to find another place. Some of them transfer to a renovated unit and pay the premium. Good luck - renovations are fun!

Did you get a lot of pushback or bad PR?

No bad PR at all and very little push back from residents. You always have a handful that will complain but that’s to be expected. We held our ground and explained what/why it was being done. I would say out of all of them I have done, we have averaged about 40% staying and moving into a renovated apartment.

Communication is key. Are you also renovating amenity spaces? When they see that being done too it gets them excited for new/better things they will get to utilize.

Rent them a suite at an extended stay hotel?

We offered to transfer the residents to an already renovated apartment with no transfer fee and a $200 concession to help with moving expenses.

It might be they can't find affordable housing. See if they need references etc.

Give a nice incentive to move back in when your done with the remodel. They get first pick when they move back in.(only if they move out )

Good Luck

Do all the leg work for them. Call all the properties around you. Get pricing and availability. See if the would offer and discount or special to your residents. Then pay 1st month and $500 towards moving.