Apartment Move-In Specials and How to Offer Them

You know about the challenges of filling vacancies in an increasingly competitive rental market. But with new property developments popping up every year, it’s up to you to find fresh, creative ways to market your rentals, fill them, and attract the best tenants.

One way to do that and stand out from the competition while addressing high vacancy rates is to offer move-in specials for new tenants. 

We’re exploring the ins and outs of move-in specials—including benefits, the different types of move-in specials, best practices, and what to avoid.

Understanding Move-In Specials

Move-in specials—or rent specials—are a solid strategy to entice new renters to move into your properties in a competitive rental market. There are a dozen different specials that help you:

• Draw more attention to your property and bring in more applicants
• Fill open vacancies, especially when you’re receiving fewer applicants due to seasonality, nearby construction, or other factors beyond your control
• Remain competitive, tipping market conditions in your favor
  

But move-in specials aren’t without risks—like impacts on revenue and the quality of renters they might attract.

Types of Move-In Specials

With move-in specials, there are countless strategies to draw attention to your property and encourage new tenants to apply as renters. Here are the most popular move-in specials and how they work.

Discounted Rent

Discounted rent is one of the most effective and attractive move-in specials you can offer potential tenants—giving new renters their first month free or half-off. 

And if a tenant commits to a longer term lease, reduced rent for the first few months is even better. Discounts on rent are an especially powerful way to attract student renters with tighter budgets.

Wondering how reduced rent benefits your bottom line? Offering lower monthly rent can fill open vacancies—fast—giving you rental income from properties that would otherwise sit empty. While you’ll earn less than a full-priced rental offer, this strategy helps secure long-term tenants in exchange for short-term discounts.

Waived Fees

It can be expensive for tenants to move from one property to the next. But waiving expenses—like application fees, security deposits, or pet rent—is sometimes enough to incentivize new tenants to apply. 

You can waive add-on fees altogether or offer to lower the security deposit. 

It’s worth noting that while reducing the security deposit might attract more tenants, it’ll also leave you with less money to correct any property damages tenants may cause. To protect yourself and minimize risks, it’s crucial to have a great tenant screening process in place.

Free Amenities or Services

Many modern property complexes include sought-after amenities like a gym, pool, secured parking, and more. 

Offering free access to premium amenities or complimentary services, like cleaning, on-site maintenance, or high-speed internet access, can entice renters to choose your property over another.

Amenities are a simple way to upgrade a tenant’s living experience and encourage them to stay long-term.

Gift Incentives

If you’re looking for move-in specials you can offer beyond typical property offers, consider gift incentives. Gift cards, electronics, complimentary services, or home goods attract more attention to your rental ads and boost tenant applications. 

If you’ve got several vacancies you need to fill quickly, it could be beneficial to absorb these one-time costs to secure great tenants for ongoing leases. 

Cost a concern? Consider partnering with local businesses to offer new tenants discounts or freebies on local products and services. This is a great way to keep the costs of move-in gift incentives relatively low while expanding your ad reach through co-marketing.

How to Structure Effective Move-In Specials

You’ve decided which type of move-in special you want to offer—now you need to market it. Here’s how you can make sure your move-in specials reach ideal tenants and attract the attention you’re looking for.

Identify Your Target Audience

Do you know who you want to attract? Before you market your move-in specials, define your ideal tenant profile and take the time to understand their needs and preferences. What motivates them? What are they searching for in their next home?

One type of move-in special might attract a specific audience more than another. Clarifying who you’re targeting will help you craft a move-in promotion and messaging that aligns with your audience. 

No matter which approach you choose, tailor move-in specials to attract responsible, long-term tenants—not those looking to gain quick benefits and run. 

Set Clear Terms and Conditions

Move-in specials as a marketing strategy require setting clear terms and conditions before the promotion goes live. These terms clearly outline the duration and eligibility criteria for your move-in special—which protects your business from public backlash or legal consequences.

Be transparent about the terms and conditions of your offer throughout promotions to avoid misunderstandings and disputes or cause harm to your business’ brand reputation. 

Promote Your Specials Effectively

To benefit from move-in specials, you need to get them in front of your target audience. Use multiple marketing channels to build awareness, engaging with potential renters through:

• Online listings
• Social media
• Local ads
• Email newsletters
• Printed mailers

You’ll be more effective with your move-in specials by highlighting your special prominently in all marketing materials and empowering your team to spread the word about the limited-time offer.

Monitor and Adjust as Needed

Like any new marketing strategy, move-in specials may take some trial and error before landing on one that works well for your business. If it’s your first time offering move-in specials, you may discover that your target audience isn’t as receptive to your initial offer as expected.

To understand what’s working, track the success of your move-in specials by:

• Comparing the number of tenant applications you receive during the promotion period to your standard monthly average
• Measuring engagement rates on marketing promotions about your special offer
• Totaling the return on investment (ROI) of new tenants gained, considering factors like the associated costs to acquire them and lease length

Be ready to adjust or discontinue offers that don’t yield desired results.

Pitfalls to Avoid

Although move-in specials can be an extremely successful tactic for attracting new tenants, they’re not without risks. Here are a few pitfalls to look out for. 

Attracting Low-Quality Renters

A great special offer can catch the eyes of your ideal tenants—but it can also grab the attention of low-quality tenants. To ensure you don’t attract bad tenants, avoid applying overly generous discounts that may attract renters who can’t afford the full rent.

Implement a thorough tenant screening process that assesses each tenant’s eligibility before moving in. Review factors such as the prospective tenant’s:

• Credit history
• Income
• Rental history
• Background check and ID verification

Impact on Revenue

Sometimes move-in specials don’t make financial sense for a business. Avoid negative impacts on your revenue by balancing short-term incentives with long-term financial stability.

Calculate the potential financial hit of a special before offering discounts. You’ll also want to outline various scenarios and consider the following before launching move-in specials:

• How many vacancies you need to fill, and for how long
• Financial costs of your offer
• ROI per new tenant if your move-in specials perform well

Legal and Contractual Issues

Before you debut any special offers or discounts, take action to protect your business from legal implications.

Clearly state all terms and conditions in the lease agreement so there are no misunderstandings or basis for legal disputes. Consult with your legal counsel to confirm your move-in special complies with local laws and regulations.

Best Practices for Offering Move-In Specials

You’re on your way to implementing a successful move-in special strategy for your business. As you prepare your offering, here are a few best practices to keep in mind.

Regular Review and Adjustment

Just because one move-in special works well initially doesn’t mean it’s the best strategy forever. Periodically review the effectiveness of your move-in specials, measuring their impact on your business goals throughout different seasons and markets. 

Be flexible and willing to adapt to market conditions and feedback.

Consistency in Quality and Service

Move-in specials are a powerful way to attract great new tenants—but it’s up to you to keep them. Continue maintaining high standards for property maintenance and management. Give tenants a wonderful living experience they won’t want to walk away from when it’s time to resign their lease.

Make sure all of your move-in specials enhance a tenant’s experience rather than compensate for a lack of appeal. If you deliver a great property experience, you may reach a point in the business where all your apartments are full without needing move-in specials.

Focus on Long-Term Retention

Don’t use move-in specials as a quick fix to fill vacancies. Instead, use them as a starting point for building positive relationships with your tenants. Seek opportunities to implement ongoing tenant engagement and retention strategies, like:

• Regular property maintenance, updates, and renovations
• Well-maintained common areas
• Tenant portals and digital solutions
• Renter rewards systems
• And more

By creating an exceptional tenant experience, you’ll attract great long-term renters.

Considering Adding Move-In Specials to Your Strategy?

Move-in specials are a proven way to boost tenant applications, fill vacant units, and stand out in a crowded market. But to use them effectively, you’ll need to consider which type makes sense for your target audience and promotional strategy, and how to avoid negative impacts on your business. 

With strategic planning and execution, you can build move-in specials into your broader marketing and retention strategy—using them to attract top tenants and give you ample applicants to choose from. 

Additional Resources

For more insights and tools to refine your property management strategies, check out these resources:

• 2024 rental trends you should know
• How to drive resident retention
• Essential tips for property managers
• How to write a lease agreement (with example)