What is an example of a common inducement offered by landlords?

Offering a gift card or free first month’s rent is a common inducement used by landlords to attract potential tenants. This strategy is particularly effective in a competitive rental market, where multiple properties are available, and landlords seek ways to make their offerings more appealing. By providing financial incentives, such as rent discounts or gift cards, landlords can increase interest in their properties and expedite the leasing process. This approach can help tenants feel they are receiving added value, making them more likely to choose that property over others.

In contrast, requiring an application fee is a standard practice rather than an inducement, as it’s a necessary step in processing rental applications. A late payment penalty is also a typical clause in lease agreements aimed at encouraging timely payments rather than attracting renters. Therefore, the gift card or free month’s rent stands out as a promotional strategy specifically aimed at drawing tenants to lease a home.