You Catch More Tenants With Perks

“Reasonably priced” has always been a relative term.  Even if you have designed a mathematical formula to decide how much is a reasonable amount to pay for a given purchase, your formula is unlike someone else’s, such that, by following the laws of mathematics, you will arrive at different amounts that you consider reasonable.  Consider that, in employment discrimination law, employers must make reasonable accommodations for employees with disabilities when the employees request this, but what counts as a reasonable accommodation varies from one instance to another.  Specifically, it depends on what the employee needs, and it depends on the employer’s budget and resources.  Likewise, landlords can and should accommodate tenants who are struggling to find affordable residential units.  While you may not be able to afford to charge tenants a low price for rent month after month, there are other concessions you can make so that tenants feel that they are getting a good deal.  For advice on staying afloat as a residential landlord in these uncertain times, contact a Washington, D.C. real estate lawyer.

How to Attract Tenants With Lease Agreement Perks Without Breaking the Bank

The Washington, D.C. metro area has consistently been one of the most expensive rental markets in the United States, and even though journalists described it as a “renter’s market” in late 2024, the fact remains that rent is prohibitively expensive.  According to data from March 2023, the average rent exceeds $2,000 per month for a one-bedroom apartment; the least expensive place to rent in the DMV is Silver Spring, where rent averages $1,695 per month, and it only gets more expensive from there.

Obviously, you would quickly go broke if you charged rents that people in the outer suburbs of New Orleans considered affordable, but you can throw in some lagniappe to sweeten the deal.  Without reducing the monthly rent, these are some affordable ways that you can make tenants feel that the rent they are paying is worth the expense:

• Free parking, with one parking space assigned per unit
• Shuttle bus transportation to the Metro, if your building is not located within walking distance of a Metrorail station
• A security deposit of only a fraction of the monthly rent
• If you require a security deposit equal to one month’s rent, giving the tenant a discount on the first month’s rent
• Free gym facilities onsite
• A business center, library, or quiet study room onsite
• Including some or all utilities in the price of rent
• A play area for children

It does not cost you a lot to make the experience of renting from you a pleasant one for tenants.  Rent is expensive at your building, but it is expensive everywhere, and the least you can do is create a welcoming environment for tenants, one that does not heap inconveniences upon them.

Contact Tobin O’Connor Ewing About Surviving as a Landlord

A Washington, D.C. real estate attorney can help you establish affordable, tenant-friendly business practices.  Contact Tobin, O’Connor, and Ewing in Washington, D.C. or call 202-362-5900.

Sources:

wtop.com/business-finance/2025/03/dc-rents-are-rising-and-vary-by-more-than-1000-a-month/

wtop.com/business-finance/2024/12/in-dcs-competitive-apartment-rental-market-now-might-be-the-time-to-look/