Does offering incentives for renewal help keep tenants?
As with many property management decisions, it can depend upon market conditions, market rents, the property itself, the amenities already provided, and the tenant in question. Offering an incentive for lease renewal can be cost-effective for a landlord saving the costs of vacancy while helping a good tenant save the costs and stress of moving.
Incentives can be financial incentives applied to rents or non-monetary items such as unit upgrades (kitchen appliances, flooring, carpet, or interior painting) or an amenity such as covered parking.