Multifamily housing construction is increasing, as are the number of people who only want to rent instead of buy their own home. With these facts in mind, we used Google Consumer Surveys to ask approximately 4,600 people from around the country what kinds of incentives would be most effective in convincing residents to renew their lease.

1. The Best Incentives for Retaining
Tenants IndustryView 2013
Trends and best practices from the industry

2. Abstract
Multifamily housing construction is increasing, as are the number of people who only
want to rent instead of buy their own home. With these facts in mind, we used
Google Consumer Surveys to ask approximately 4,600 people from around the
country what kinds of incentives would be most effective in convincing residents to
renew their lease.
• A discount on rent is the most preferred monetary incentive;
• Gym memberships and covered parking are the most preferred non-monetary
incentives; and
• The best time to offer incentives is during the initial lease signing or right before a
resident’s lease expires

3. Incentive Preference by Type
11%
11%
52%
Monetary
Unit upgrade
Free service
Household item
27%
The majority of renters say that monetary incentives would most strongly convince
them to stay. An upgraded unit placed second.

4. Monetary Incentive Preference by Type
10%
28%
4%
58%
Discount on rent
Cash
Security deposit rebate
Gift card to a popular retailer
Most renters would be more convinced to stay for discounted rent over cash, which
was the second most popular choice.

5. Age that Most Prefers Discounted Rent
18-25
25-34
35-44
45-54
55-64
65+
0
10
20
30
40
Percent choosing “discounted rent” in each age group
Most respondents aged 25-34 chose discounted rent as their preferred monetary
incentive.
50

6. Age that Most Prefers Cash
18-25
25-34
35-44
45-54
55-64
65+
0
10
20
Percent choosing “cash” in each age group
Most of the 34-55 age group prefers cash over other monetary incentives, like
discounted rent, gift cards or a rebate on the security deposit.
30

7. Preference for Household Goods by Type
17%
37%
20%
Free
Free
Free
Free
TV/cable
internet service
house cleaning service
laundry service
26%
Kitchen appliances received the most votes for most preferred household good. TV,
tablet computers and furniture all ranked closely behind.

8. Preference for TV by Gender
36%
Male
Female
64%
At 64 percent, much more men preferred a television as an incentive versus 36
percent of women.

9. Unit Upgrade Preference by Type
8%
31%
New carpet / flooring
Washer / dryer
Kitchen appliances
New wall paint
30%
30%
Responses for most preferred unit upgrade were split among new carpet/flooring, a
washer/dryer or kitchen appliances with about 30 percent.

10. Community Perk Preference by Type
20%
35%
21%
Covered parking spot
Upgrade to a better unit
Upgrade to a green unit
Storage space
24%
The majority said a covered parking spot would convince them to renew their lease.
Upgrading to a better or green unit, and more storage space ranked similarly.

11. Offsite Incentive Preference by Type
11%
13%
47%
Free gym membership
Free grocery delivery service
Tickets to local event
Free car-share service
30%
Almost half of the respondents said a free gym membership is a convincing incentive.
Free grocery service placed second with 30 percent.

12. Service Incentive Preference by Type
11%
17%
41%
Free
Free
Free
Free
TV/cable
internet service
house cleaning service
laundry service
32%
Free TV/cable was the most voted-for incentive for free services with 41 percent, just
in front of free internet service at 32 percent.

13. Best Time to Offer Incentives
6%
5%
45%
Just before lease ends
When first signing your lease
After sending move-out notice
A few months after signing
43%
Responses showed that during a lease signing and just before it ends are the most
effective moments to offer incentives in hopes of retaining a resident.

14. Read Report
Read about our findings in more detail.
@SoftwareAdvice
/company/software-advice
/SoftwareAdvice
@SoftwareAdvice
Software Advice™ is a trusted resource for software buyers. The company's website,
www.softwareadvice.com, provides detailed reviews, comparisons and research to help
organizations choose the right software. Meanwhile, the company’s team of software analysts
provide free telephone consultations to help each software buyer identify systems that best fit
their needs. In the process, Software Advice connects software buyers and sellers, generating
high-quality opportunities for software vendors.