Good news for prospective tenants looking for an apartment to rent. Complexes here in Melbourne Florida are offering tenant incentives to lure tenants into their properties.
Currently, here in Brevard County vacancy rates are at about 15%. That number is up by about 12% from 2 years ago. And rents have decreased by about 10% in that time.
Some apartments are offering a free gas card to new tenants.
Some complexes are offering a month or two of free rent. Typically this free month is included at the tail end of the lease term.
Some complexes are offering a lower security deposit upon move in.
Whatever the incentive is, there are quite attractive options to tenants looking to move in to a nice clean 
complex.
There is currently a shortage of good tenants in the market today.
We are not seeing the same types of rental incentives being offered on single family homes, as they still seem to be renting a fairly rapid pace. Good, clean single family rental houses are still very attractive to a large number of prospective tenants.
So if you're looking for a rental, keep your eyes and ears open for those great move in incentives!
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that for you
Its happening slowly in los angeles too, some 1 year leases getting a free month upon extending their leases. And in the midwest no or low security deposit has become a norm
Hi James, We are seeing free rent signs or free gas card signs all over the place. As a landlord of single family houses I haven't seen too much of a shortage of tenant calls coming in. However, I have noticed that over the past couple of years the quality of tenant calls has changed. It is often times more difficult to find that "good" tenant. Take care!
I've just noticed in Atlanta area that many apartments are offering incentives. A nearby apartment is offering free natural gas (heating and cooking) for 1 year. I would have assumed with all the foreclosures that apartments would be almost full occupancy. I guess I am mistaken.
Hi Jim, It seems crazy, doesn't it. I just recently blogged about considering tenants that have been foreclosed on. But, as you mentioned, where are they going if they aren't going into rentals? We have heard that due to the economy some are moving out of our areas, but they have to be going somewhere. I know that many families are moving into multi generational houses....grandparents, parents and grandchildren, all living under the same roof. It seems odd though, I agree! Let me know when you figure it out!