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Property Management Data – ApartmentData.com
You can use your property management data report to determine how and when to offer rent concessions to fill your apartments.

Sometimes rent concessions are necessary for your ongoing success. Therefore, information about rent concessions is part of your property management data report. However, what are rent concessions and when should you use them? Use property management data to perfectly time and structure your rent concessions.

What Are Rent Concessions?

A rent concession is any offer that you give to a tenant in exchange for signing a lease. Some common examples are:

  • Free rent for one month
  • Reduced monthly rent
  • Reduced security deposit
  • Complimentary services or amenities tenants normally pay extra for

For effective concessions, you should weigh the costs of the concession versus how much money you will lose from the unit sitting vacant. You can offer concessions for new lease agreements or for lease renewals to help improve your occupancy rates.

However, concessions do have some drawbacks. Oftentimes, once the concession ends, tenants may be unhappy and move to a different property. Additionally, you may attract the wrong type of renter – the type who only wants a deal and will move once you take the concession away. So, it’s important to consider concessions carefully. Generally, multifamily owners use property management data to determine the current market to choose the right offers and timing for rent concessions to increase their revenue.

Using Property Management Data to Determine When You Should Offer Concessions

Your property management data report provides you information on rent concessions in your area to help you determine what is appropriate. For example, if vacancy rates are high, you may want to offer concessions to fill more of your unit. Also, your multifamily data research report also gives information about the average value of concessions based on different unit classes. Therefore, you can compare your units to what others in your area are doing to remain competitive. Finally, if many of your competitors are offering concessions, you may need to as well to keep pace with the market. Therefore, you need the most accurate and up-to-date property management data to offer the right concessions at the right time to maximize your profits.

At ApartmentData.com, we are a leading provider of multifamily data to help you stay abreast of the rental market and your competitors.  Our team contacts every single property in our database each month for information about their practices. This helps you gauge your market to get the most out of your multifamily property. Without the right property management data, you could be leaving money on the table for your units. Call us today at (800) 595-8730 to request a demonstration of our superior reports for your properties. We look forward to the opportunity to serve you.