I am needing some fresh new ideas on leasing specials for lease ups....

I am needing some fresh new ideas on leasing specials for lease ups. Which have been the most successful for you?

Guest Insider This is a long one! Each team member picked a stale unit and a theme to mini model it. All items in the mini model went to whoever leased it.
A few themes included:
Camping gear
Record player and a few vinyls
Bar cart and bar accessories
You can get creative and choose your own themes.
They leased really fast!

Guest Insider Preferred employer discount based on your surrounding area. One or two month discount spread out throughout the lease or upfront. App, admin and/or deposit discounts.
Special for those that sign within 24 of tour.

Guest Insider Mini model set up
Look and lease special

Guest Insider Pay their moving expense, movers, boxes, gas. We put a cap on it of $1500 so it was cheaper than say giving 1 mth free that our comps were doing. Leased quick

Myles Waldrop These are some really great ideas. First for me, I ask what is the market doing.
For example, everyone and their cousin’s sister in DC has offered 2 months free on a 13 month lease for at least 10 years.
This might or is not the same in markets like Richmond, Va only 100 miles down the road.
Remember sub markets are different, too.
From there, I look at my resident profile and think what is the most appeasing to them. Does money motivate them to move or swanky give away/ move in packages. The fastest way to lease up is to know your audience.
I’ll give another example: I was a regional manager during the pandemic and my student properties were occupancy challenged due to the lack of students. We met with the city and had it rezoned to be co-living and not just student.
When the students could come back, we gave a year free on campus parking away for students. This was huge and helped us hit 98% within 60 days.

Guest Insider We did an up front 2 months free. We also dropped our prices on twos and threes (that is what we have the most of) and those prices were comparable to our comps. But we just opened our doors on 4/24/24 so we had to do the drastic up front two months because traffic was super slow and because of construction delays it shortened the lease up time to 9 months. I hate that we did that special because of the issues it causes with lost revenue and I am in affordable so it could bite us in the ass they take the 2 months up front and skip on month three. Don’t know yet not there. The impact of that special is losing money now but we are filling up quickly which makes it to where we can accomplish the goal to get under the stabilized loan in 9 months. Some of my sister lease ups are offering a raffle for washer and dryer set, or 65 inch TV.

Guest Insider We’re in a saturated market, it’s is very hard right now. Great tips everyone!!

Ross Quade Simple...provide strong incentives to apartment locators who can fill your empty units.

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