Resident Benefit Package

If you are a landlord or property manager, should you offer your tenants a resident benefit package at your rental properties? A resident benefit package can be a way to gain extra revenue or simply set your rentals apart from the competition. If you are seeking ideas for a resident benefit package, there are ideas that can have great ROI and benefit managers and renters alike.

Whether you are facing a cooling rental market, or you simply want your rental property to stand out from the crowd, offering a resident benefit package can have its benefits. Landlords and property managers seeking to attract and retain tenants should be looking for ways to boost residents’ enjoyment of the property while absorbing costs with long-term ROI in mind. If you want to offer something beyond the standard amenities that comps in your area offer, a resident benefits package may be an option to consider.

What is a resident benefit package?

A resident benefit package is a grouping of additional benefits beyond the scope of most rental properties that can serve to make life as a resident more enjoyable and ensure that you offer exceptional service to your residents. Traditionally these were designed for luxury rental properties that offered services and amenities above and beyond the traditional scope.

Recently, landlords and property managers have grown to realize that the newest generation of renters desires a more comprehensive rental experience and more community-focused amenities that better serve their lifestyle. Offering a benefits package to the average renter can do a lot to encourage happy tenants and prevent vacancies.

Benefits of a Resident Benefits Package

Great customer service is at the heart of property management. Managing properties and communicating with tenants is a job all about people and making sure that you focus on meeting their needs and going above and beyond with your services can say a lot to potential applicants and current tenants alike. 

In a cooling rental market resident benefit package can offer a competitive edge by showing tenants that you are proactively meeting their needs, and this can encourage tenants to stay long-term. 

A resident benefit package can

  • Attract potential tenants: Additional features can sound enticing to applicants who are comparing apartments, and if general amenities are similar, the addition of a resident benefits package could be what sets your property apart from other rental properties.
  • Encourage higher renewal rates: Much of the focus of a resident benefit package is simply offering better customer service and meeting your tenants’ needs. Offering additional services and always interacting with your tenants in a professional and helpful manner will go a long way to ensuring long-term tenant retention and higher renewal rates.
  • Offer landlords an additional revenue source: Depending on the services you provide, the package offerings can generate additional revenue by charging residents for value-added services.
  • Mitigate property damage due to negligence: Some services can include subscriptions or services that can mitigate damage due to tenant negligence by taking the task off of the tenant’s to-do list. Items like HVAC filter delivery or annual carpet cleanings can be quality-of-life benefits that give tenants less work and ensure the unit is well-maintained during tenancy.

6 Cost-Effective Perks to Offer Tenants in a Resident Benefit Package

Putting cost-effective perks into your resident benefit package is key for your ROI regardless of whether you decide to charge. However, even if you don’t want to charge tenants a fee and currently offer some perks to residents, transforming them into a list of benefits is an excellent way to highlight features that you may have already offered but don’t currently emphasize. Consider a resident benefit package to be an excellent way to market items that you may have already offered to tenants but in a meet and comprehensive list that makes it sound truly exciting.

1. Online Communication or Maintenance Request Portal

    Offering tenants the ability to contact you 24/7 at their earliest convenience is a great way to show your tenants that you genuinely care about their needs and are going to meet them in a timely manner. Offering an online portal for tenants to communicate any issues or submit maintenance requests ensures that you are keeping all communication in a streamlined location for your reference and makes things convenient for your tenant. 

    The best property management software options out there will have an app for tenants to use and access an online portal. With property management software’s time-savings, an online portal is a win-win situation for landlords and tenants alike. This makes an online portal a great option to include in your resident benefit package because the ROI will be completely worth it once you realize the time savings. 

    2. Local Discounts

      Network locally to create helpful business relationships and collaborations that can benefit your residents and boost local businesses in the process. Work with business owners locally to find out if there are any discounts that you can offer to your residents. If you currently do not have a resident gym at your rental property, check with a local gym to see if they would offer a small percentage off on a membership. Find out if there are any restaurants or interesting shops within walking distance that may offer occasional discounts or benefits to your residence. This can boost the business’s customer base while also giving your residence a free perk just for being at your property. If you offer a resident rewards program, you can even purchase from those same businesses to ensure that collaborating is more appealing.

      3. Resident Rewards Program

        Including a resident rewards program can help incentivize good tenants and promote a positive landlord-tenant relationship. Rewards can be given as a result of good tenant behaviors or can be gifted at renewal season as a renewal benefit. Gift cards to local businesses, special parking spaces, or perks like the ability to choose the unit’s paint color can all be potential rewards.

        4. Renters Insurance

          Every renter should have renters insurance to protect their belongings and to cover costs in the case of a liability issue. Unfortunately, many renters don’t realize how important renters insurance can be. in fact, plenty of renters actually think that the landlord’s insurance will cover their personal belongings in the event of a damage-causing event. Offering renters insurance to your tenants can make a lot of sense for you and your tenants alike. While you cannot require specific insurance, offering one to your tenants will allow them to quickly purchase a policy if they don’t already have one in place. This serves as another benefit that simply serves to cross one item off of your renter’s to-do lists.

          5. High-Speed Internet

            High-speed internet is a must on days when working from home and online. This is one amenity that the youngest generation of renters will expect for most properties to stay competitive. Including it in your president benefits package is a great way to highlight is availability and keep your packing looking more comprehensive. 

            6. Smart Thermostat and Lock Controls

               Smart technology is becoming more common and is increasingly being adopted in residential units. Smart home technology offers benefits to your tenants as well as to yourself as a landlord or property manager. Smart thermostats can allow tenants to modify their unit’s temperature while they are away easily, and smart locks make it practically impossible to lock yourself out of the house. Smart tech benefits to landlords and property owners are also apparent; utility companies can easily change the temperature during peak electricity hours for those who opt-in, and doors can be unlocked for maintenance teams who need one-time access. This means that smart technology is an excellent option to add to a resident benefit package if you’re hoping to offer only items with high ROI.

              Should you charge additional fees for a resident benefit package?

              Charging for resident benefit packages can be a way to increase your revenue, but tenants may not take kindly to the idea if the package includes standard amenities or offerings that competitors include for free. Landlords and property managers should also verify if requiring a package is legal in their state and municipality before charging tenants. 

              If there are already benefits you offer to tenants, it can be an excellent marketing technique to add a few additional low-cost ideas and advertise your apartments with an official and complementary resident benefit package. The interest generated could be worth the investment, particularly if you choose benefits that make your job easier as a landlord or property management team (such as offering an online portal or the option to pay rent online).