There are several best practices to keep in mind when creating tenant benefit packages:
Customization: Offer a variety of options so tenants can choose the benefits that are most relevant and valuable to them.
Accessibility: Make sure benefits are easily accessible and simple to use for tenants. This could involve offering online portals, mobile apps, or in-person support.
Relevance: Choose benefits that align with the needs and preferences of your target tenant demographic. For example, a building that caters to families might offer benefits like on-site childcare, while a building aimed at young professionals might offer things like a gym membership or discounted transportation options.
Affordability: Consider the cost of benefits when creating packages and make sure they are priced reasonably for tenants.
Sustainability: Offer environmentally friendly and sustainable options, such as recycling programs, green energy initiatives, and composting services.
Communication: Keep tenants informed about the benefits available to them and any changes to the packages. Regular communication will help build trust and ensure that tenants feel valued.
Feedback: Regularly solicit feedback from tenants about the benefits they are receiving and use this information to improve and tailor the packages.
Many property owners and operators are offering a tenant benefits package that compliments the on-site amenities. These include rental payment credit reporting, ID theft protection and 24-hour maintenance concierge.
By following these best practices, you can create a tenant benefit package that is relevant, accessible, and valued by your tenants.
How CredHub Can Help
CredHub works with property management companies to offer rent reporting to their renters by setting up, maintaining, and streamlining the process. We report full or positive-only reporting to all three credit bureaus — Equifax, TransUnion, and Experian.
Most property managers offer this new renter benefit during move in or lease renewal.