Have your tenants been naughty or nice this year? This is what every landlord should consider when asking the question, “Should I give my tenants holiday gifts?”
As you go about your holiday shopping for thoughtful gifts for family, friends, and colleagues, your tenants may cross your mind. You might feel inclined to give them a little holiday gift as a thank you for paying rent on time and being great tenants.
Benefits of Giving Tenants a Holiday Gift
Let’s explore how far a thoughtful little gift can go in a landlord-tenant relationship.
Maintain a Good Relationship
There are too many horror stories about landlord-tenant conflicts and awful relationships. As a landlord, it should be one of your top priorities to cultivate a good relationship with your tenants.
Offering a holiday gift is a way to promote friendliness and kindness. It also shows that you appreciate your tenants. Appreciation and recognition can go a long way in maintaining a good relationship.
Increase Tenant Retention
The secret to becoming a successful landlord is increasing tenant retention rates. When your tenants renew their leases, you decrease vacancies and tenant acquisition costs for the year.
Giving a holiday gift to your tenants is a simple gesture that could convince them to renew their lease with you.
Just think about how all of your little acts of kindness, prompt maintenance responses, and friendly interactions add up when it comes time for your tenant to either move out or stay in your rental.
Build Trust and Respect
When you do nice things for others, they will likely do nice things for you. Giving your good tenants a holiday gift is a nice, respectful, and simple act you can do once a year to build trust and continue to build a great relationship.
Holiday Gift Ideas for Tenants
So, you’ve decided that you should get your tenants holiday gifts this year. Now comes the hard part – finding the right gift for your tenants.
Below are some affordable and thoughtful tenant holiday gift ideas to consider.
Quick, easy, and thoughtful, a gift card is the perfect gift for your tenants.
Some gift card ideas include:
- Local cafe
- Grocery store
- Local bakery
- Spa services
- Gas station
Remember, buying a gift card from a small local business also helps the community where you own your rental property!
Sweets and Desserts
All of the best sweets and desserts come out during the holiday season. You know your tenants are craving that beautiful pie or cookie tray in the window of the bakery down the street.
Satisfy your tenant’s sweet tooth with a nice dessert as a gift.
Or, if you have a knack for baking, there is nothing like receiving a tray of homemade holiday cookies or an old family recipe dessert.
If your tenant has a pet, then a thoughtful gift is a pet basket with toys and treats is perfect!
You’re probably aware that landlords don’t always welcome pets in their rentals. But you’re different!
Show your tenant that you care about their loved ones, even the furry ones, and put together a little basket of gifts for your tenant’s pet.
One of the easiest, and arguably most thoughtful, things a landlord can gift a tenant is a discount on the rent.
Consider knocking off $25 to $50 from the December rent as a holiday gift to your tenant. They’ll greatly appreciate having some extra cash to spend on their own holiday gifts, activities, or decorations.
There’s always something you can do to upgrade your property and, in turn, increase its value.
If you’ve been considering making a small upgrade to your property, it could be a perfect holiday gift for your tenants.
Plus, it benefits not only your tenants but you as well!
One idea is a keyless entry system, especially if your tenant tends to forget their keys at home every so often.
How Much Should I Spend on a Holiday Gift for Tenants?
When you purchase a holiday gift for your tenants, it’s considered a business expense.
The IRS allows landlords a limit of $25 for business gifts, including holiday gifts to tenants. So, you get to deduct all of your tenant gifts, up to this amount, from your monthly expenses and tax return.
Property Management Company in Gilbert, AZ
We’ve just mentioned some great and thoughtful holiday gift ideas for tenants, but do you know what the greatest holiday gift of all is? A reliable and professional property manager!
Hiring a property management company is a gift to you and your tenant.
When you work with Stratton Vantage, your daily responsibilities as a landlord disappear. Our trained and professional property management staff take care of everything!
From late-night maintenance calls to rent collection to tenant acquisition to coordinating property repairs – we do it all.
Your tenants will appreciate having a phone number they can call in case of emergencies and an online portal to make maintenance requests and pay rent.
Knowing that a dedicated property manager is there for you and your tenants creates a stress-free and seamless renting experience.
Request a free rental analysis from Stratton Vantage to get started today!