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A little something extra
Apartments lure renters with cash and merchandise.
Apartment vacancy rates remain high in many areas, leading property owners to dangle incentives in front of prospective tenants. A quick perusal of apartment ads in Texas cities shows properties trying to entice renters with free rent for a month (or two or three), free electronics, free cable and other utilities, free moving service, and cash rebates.
Some apartments in the U.S. are rolling out more-creative incentives. A Wall Street Journal article reports that one property company set up a drawing where current and prospective renters could win free maid service or a private chef for several months. Another gives coupons for Crate & Barrel to those who sign a lease.
With so many goodies being offered to tenants, how can a property gain an edge? Some apartments have turned to so-called look-and-lease promotions, where prospects are offered a hefty incentive but must sign a lease within 24 hours from the time they view the apartment.
Photos © Photodisc & Corbis.
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