Incentives to Reduce Vacancy Rates - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Incentives to Reduce Vacancy Rates

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RICHLAND, Wash.- You may have noticed advertisements on apartment complexes around town offering deals to get new tenants to move in.  

The vacancy rate in Benton and Franklin Counties is at 4.6 percent. It has decreased from last year but it is still among the highest in Washington according to a study out of the University of Washington. 

"We will offer a month free on a 12 month lease...sometimes we will offer a lower reduced rent," said Linda Shepard, Riverpoint Apartment Property Manager.

There are offers like free rent for a month or even two months.

Shepard said some complexes were even offering prospective tenants, flat screen TVs and iPads and also said that lately two bedroom apartments are hard to fill.

"It's a very competitive market right now so you have to be extremely competitive on our rent," said Kasey McConas, Crossing at Chapel Hill Apartments Property Manager.

"We offer free rent on select floor plans, we've had to...lower our security deposit which lowers the up front cost for renters out there which makes it easier for them to move in," she said.
 
Their vacancy rate is at 8 percent.

"So right now two and three bedrooms are what we're trying to focus on, those are the floor plans where you can get some free rent on," added McConas.

McConas and Shepard agree that one bedroom apartments go fast and they think it is due to professionals moving to the area.

"It's typically a short term, we've had a lot of people just want something for three months, six months at the longest," said Shepard.

She added that after those people in short term leases move out, the vacancies rise again.
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