If you own rental properties in San Diego, or elsewhere across the United States, you know that it can sometimes be challenging attracting tenants to apply to your property, and you may be tempted to offer a rent concession.
Rent concessions can range from anything like a free month’s rent, to a physical gift, but the reality is that even though they may attract more tenants to your property, a rent concession only weakens your ability to attract the most qualified tenants.
The Ugly Truth About Rent Concessions
When you have a rent concession, one of the main reasons why someone may be attracted to your property is because they either want that free month of rent, or they were attracted by the gift that you’re offering.
Once that freebie has worn off, the new tenant will be faced with the fact that they will have to pay their rent on time each month, and they may not be able to fulfill their obligation.
To attract the best tenant to your property, the goal should be to price your rental property correctly. This means that you should set your rent so that it’s in line with what comparable properties in the area are currently renting for.
If you set the correct rent from the very beginning, you’re going to save the time and hassle of renting to the wrong tenant who may want something, for nothing, and you will be able to rent to someone who is fully prepared to pay what you are asking for rent every month.
Contact GoldenWest Management
At GoldenWest Management, we specialize in local property management. This means that from setting the correct rent, to providing ongoing service to your tenants, you can count on us to provide you with the best service possible.
For a property management quote, or to speak with us about the services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.
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