Rental Perks and Discounts

[Anthony Parr]

Do any of you do any types of perks for folks that pay on time?  Recently, I saw a video of someone that gives a tenant a month off, of their choice, for a year's worth of on-time payments.  It seems like a nice gesture and I know this is often offset for the owner over the previous 12 months as far as the numbers go.  I am less worried about the numbers than the retention of quality tenants.  Any pro tips from the experts?  I appreciate your feedback.

[Andrew Bosco]

Hey there! I actually have a integrated policy. If a tenant is late, then I charge a fee (Standard). However, I thought that was slightly strange since what is the promotion of giving early? Well, if the tenant pays early/on-time every month, then I reduce December's rent by ~$300 - $400 per month (pending total rent). This may cause me a slight loss in December, but my tenants have never missed a payment and said that the December discount is superb - especially for the holidays. I've also had the same tenants for years - even with a 3-5% rent increase per year. I find it to be a good way to retain tenants.