This document summarizes the results of a survey about the best incentives for retaining tenants. The top incentives included monetary rewards like rent discounts or cash (preferred by 52% of respondents), free services like gym memberships (11%), and unit upgrades such as new appliances (26%). Rent discounts were the most preferred monetary incentive (58%). Younger renters aged 25-34 were most likely to prefer monetary rewards. The conclusion is that incentives that save tenants money or provide tangible benefits are most effective at convincing tenants to renew their leases. The best times to offer incentives are just before a lease ends or when first signing a lease.

1. Best Incentives for
Retaining Tenants
More people are choosing to rent instead of buy these
days. Multi-family construction has grown by roughly
300% since 2010, giving renters many more living
options should they choose to move at the end of a lease.
Top Incentives
1. Monetary
2. Unit Upgrade
3. Free Service
4. Household item
A discount on rent is the most
preferred monetary incentive.
Gym memberships and covered
parking are the most preferred
non-monetary incentives.
The best time to offer incentives
is during the initial lease signing
or right before a lease expires.
52% of respondants would prefer
MONETARY REWARDS over
all other inventives.
58% Rent Discount
28% Cash
10% Security deposit rebate
4% Gift cards
Top Forms of
Monetary Rewards
Retaining residents is far less costly than finding new ones, so what can
property managers do to make their apartments more appealing to residents
and gain an edge over the competition?
Renters were surveyed to find out!
41% of those who chose
monatery incentives were
aged 25-34 (the age group
of the majority of renters).
Key Findings
0%
10%
20%
30%
40%
50%
60%
65+
55-64
45-54
35-44
25-34
18-25
Age
Group
Percentage who chose discounted rent or cash in each age group

2. 11% of respondants would
prefer FREE SERVICES
over other incentives.
47% Free gym membership
30% Free Grocery delivery service
13% Tickets to local event
10% Free car-share service
11% of respondants would
prefer HOUSEHOLD
GOODS over other
incentives.
37% Kitchen Appliance
26% TV
20% iPad / tablet / computer
17% Furniture
Top Free Services
Top Preferences for Household Goods
35% Covered parking spot
24% Free upgrade to better unit
21% Free upgrade to a green unit
20% Free storage space
26% of respondants woud prefer
a UNIT UPGRADE over
other incentives.
31% New Carpet/flooring
30% Washer/dryer
30% Kitchen appliances
9% New wall paint
Top “inside”
Unit Upgrade
Preferences
Top “outside”
Unit Upgrade
Preferences

3. Data was compiled by Software Advice, a trusted resource for software buyers.
Visit www.softwareadvice.com. The survey included nine questions, each of which was seen
by ~500 unique respondents. Infographic design by TOPS Software. Visit www.topssoft.com.
Conclusion
In general, the data shows that residents are mostly likely to respond to
incentives that save them money or provide a tangible added convenience.
While this isn’t to say that a friendly welcome or remembered birthday
isn’t helpful, the perks that go the furthest in convincing residents
to renew their lease have immediate recognizable value.
When is the Best Time
to Offer Incentives?
Just before lease ends and when signing your
lease came out on top. These are the times when
residents are weighing every feature and option
about their living environment, so tossing in an
extra perk, free service or item can be the final
nudge a renter needs to stay at your property.
45% Just before lease ends
43% When first signing your lease
6% After sending move-out notice
6% A few months after signing