Lease renewal is a big thing for landlords–especially with good tenants–and using gift cards can keep them renting longer!
February 2026 | PerfectGift Experts | 5 minute read
Main image courtesy of Avail.
Renting is a popular way to live in an apartment, duplex, townhouse, or house in many areas across the country. For many people, renting is a much easier option–although it may be more expensive at times–because you don’t have a mortgage (instead it is rent), pay for utilities or select ones, and then if there are any issues where something breaks, then it is on the landlord to take care of it.
Landlords have a lot of responsibilities and keeping good tenants is always a must with them. Good tenants provide less stress for the landlords compared to new tenants coming in and out of their rental properties. Gift cards can help to improve lease renewals in rental communities, and it’s something that many landlords should look into to keep good tenants and even get some high recommendations and reviews in the process.
Let’s learn more about gift cards and how they can improve lease renewal rates for landlords looking to keep long-term tenants!
Why Retaining Tenants Is More Cost-Effective Than Finding New Ones
For many landlords, keeping good tenants is not just about less stress, but it is cost-effective!
Renting is a popular option for many people, especially in major cities and more populated areas. Image courtesy of Rent.com.
For landlords, keeping good tenants is one of the most important parts of managing a rental property. While tenant turnover is sometimes unavoidable, having renters move in and out too often can quickly become expensive and stressful. Retaining reliable tenants not only simplifies day-to-day management, but it can also save landlords a significant amount of money over time.
The Hidden Costs of Tenant Turnover
When a tenant moves out, the costs usually begin right away. Landlords often need to spend money advertising the property, listing it on rental websites, and responding to inquiries. Scheduling showings, reviewing applications, and completing lease paperwork all take time and effort, especially when the process has to be repeated often.
In addition to marketing and administrative work, most units require some level of preparation before a new tenant moves in. Cleaning, painting, carpet care, and minor repairs are common between leases. Even when tenants leave the property in good condition, these costs can add up over time—especially in rental communities with high turnover.
Vacancy Periods Can Hurt Monthly Cash Flow
Vacancies are one of the biggest financial challenges landlords face. Every day a unit sits empty is a day without rental income. At the same time, ongoing expenses such as mortgage payments, property taxes, insurance, and utilities continue regardless of whether the unit is occupied.
Keeping good tenants reduces the risk of long vacancy periods and helps maintain steady cash flow. When renters renew their leases, landlords can better plan their finances and avoid unexpected gaps in income. This consistency is especially important for landlords managing multiple properties or relying on rental income to cover regular expenses.
Long-Term Tenants Create Stability and Predictability
Tenants who stay longer provide a sense of stability for landlords. Lease renewals mean fewer disruptions, fewer move-outs to manage, and less time spent searching for new renters. This predictability allows landlords to focus on maintaining and improving their properties instead of constantly dealing with turnover.
Stable tenancy also makes it easier to plan for future investments, whether that’s upgrading appliances, improving common areas, or expanding a rental portfolio. Knowing that units are occupied long-term gives landlords peace of mind and greater financial control.
Good Tenants Often Take Better Care of the Property
Renters who plan to stay in a home for multiple years often treat it differently than short-term tenants. Long-term tenants are more likely to take care of the property, follow lease rules, and report maintenance issues before they become costly problems.
This level of care helps preserve the overall condition and value of the rental. Fewer move-outs also mean less wear and tear on flooring, appliances, and fixtures, which can reduce long-term maintenance and replacement costs.
Retaining Proven Tenants Reduces Risk
Every new tenant brings some uncertainty. Even with background checks and screenings, landlords don’t always know how reliable a renter will be until they’ve lived in the property for some time. Late payments, lease violations, or early move-outs can lead to unexpected stress and financial loss.
Keeping tenants who have already shown they are responsible and dependable lowers these risks. Retaining proven renters makes property management smoother and helps landlords avoid the potential problems that can come with frequent tenant changes.
Tenant Retention Is a Smarter Long-Term Strategy
When landlords compare the cost of turnover to the cost of keeping good tenants, retention is usually the more affordable option. Investing in tenant satisfaction—through communication, maintenance, or thoughtful incentives—often costs far less than preparing a unit for new renters over and over again.
By focusing on tenant retention, landlords can reduce expenses, protect their income, and create a more positive rental experience for everyone involved. This approach not only benefits landlords financially, but it also lays the groundwork for higher lease renewal rates and stronger rental communities.
How Gift Cards Positively Influence Tenant Loyalty and Lease Renewals
Gift cards can be a great way to keep good tenants renting from landlords long-term!
Gift cards can be a great incentive to keep good tenants before their lease ends and encourage them to renew for another year. Image courtesy of Bank + Vine.
Keeping good tenants goes beyond maintaining the property and responding to maintenance requests. Renters want to feel valued, appreciated, and respected—especially in rental communities where they have plenty of options. One simple and effective way landlords can encourage tenant loyalty and improve lease renewal rates is by offering gift cards.
Gift Cards Make Tenants Feel Valued and Appreciated
One of the biggest reasons gift cards influence tenant loyalty is that they make renters feel recognized. A small reward at renewal time shows tenants that their reliability, timely payments, and care for the property have been noticed. This sense of appreciation can go a long way.
Tenants who feel valued are more likely to view their rental as more than just a place to live. Instead, it feels like a community where their presence matters. This emotional connection can be a powerful motivator when it comes time to decide whether to renew or start searching for a new home.
Small Gestures Can Have a Big Impact
Gift cards don’t need to be expensive to be effective. Even modest amounts can leave a positive impression, especially when compared to the cost of tenant turnover. For many renters, receiving a gift card feels like a bonus rather than an obligation, which makes it more impactful than a generic reminder to renew.
Because gift cards are flexible, tenants can use them in a way that best fits their needs—whether that’s groceries, dining out, or everyday essentials. This flexibility makes gift cards feel personal without requiring landlords to guess what tenants want.
Gift Cards Create Positive Associations With Lease Renewal
Lease renewals are often viewed as routine or even stressful. Introducing a gift card incentive can shift that experience into something positive. Instead of renewal notices feeling transactional, they become an opportunity for landlords to show appreciation.
When tenants associate lease renewal with a reward or a positive interaction, they are more likely to respond favorably. Over time, this can help build a pattern where renewing feels like the obvious and preferred choice rather than a decision that requires comparison shopping or second-guessing.
A Cost-Effective Alternative to Turnover Expenses
From a financial standpoint, gift cards are a low-cost investment compared to the expenses tied to vacancies, marketing, and unit preparation. Even a small gift card costs far less than a single week of lost rent or the price of cleaning and repairs after a move-out.
For landlords managing multiple units, gift cards are also easy to scale. They can be offered across an entire property or targeted to tenants who consistently renew on time. This makes them a practical solution for improving retention without overextending the budget.
Encouraging Loyalty in Competitive Rental Markets
In many areas, renters have plenty of choices. New developments, move-in specials, and promotional pricing make it tempting for tenants to explore other options. Offering gift cards helps landlords stand out in a crowded market and gives tenants an extra reason to stay.
Loyalty incentives show that landlords are willing to invest in their tenants, not just the property itself. This can make a meaningful difference when tenants are deciding whether to renew or move on.
Why Tenant Incentives Are Becoming Necessary
Today’s renters expect more than just a well-maintained unit. They value communication, responsiveness, and small gestures that show appreciation. Gift cards help meet these expectations without adding complexity to property management.
For landlords, offering incentives like gift cards is a proactive way to reduce turnover, improve tenant satisfaction, and build stronger rental communities. When tenants feel appreciated, they are more likely to stay longer, speak positively about the property, and renew their leases—making gift cards a simple yet powerful tool for long-term success.
The Best Gift Cards for Creating Happier, Longer-Staying Tenants
Here are some useful gift cards that are perfect for any landlord to give their tenant!
Gift cards make for a great tenant incentive to keep good, reliable ones long-term and encourage them to renew their lease. Image courtesy of InComm InCentives.
When choosing gift cards as lease renewal incentives, specific and familiar brands tend to have the biggest impact. Tenants are more likely to appreciate and use gift cards from stores they already shop at or services they rely on in their everyday lives. The following options offer flexibility, usefulness, and strong appeal across a wide range of tenants.
PerfectGift+ Gift Card
The PerfectGift+ gift card is one of the most flexible options landlords can offer. Instead of locking tenants into a single retailer, PerfectGift+ allows them to choose from a wide selection of popular brands across categories like groceries, dining, home, and entertainment. This makes it an ideal choice for rental communities with tenants who have different lifestyles and preferences.
For landlords, this option removes the guesswork while still feeling personal to the tenant. For renters, it provides freedom to use the gift card where it matters most to them—whether that’s everyday essentials or something more enjoyable.
Home Depot or Lowe’s Gift Cards
A Home Depot or Lowe’s gift card is great for tenants to purchase decor or get organized with storage bins. Image courtesy of Office Depot.
Home improvement store gift cards like Home Depot or Lowe’s are practical and widely appreciated by tenants. Many renters enjoy improving their living space with décor, storage solutions, or basic household upgrades. These gift cards can also be used for everyday items such as lightbulbs, cleaning supplies, or small tools.
Because these stores are well-known and accessible, tenants are likely to find immediate value in them, making them a strong choice for renewal incentives.
Target Gift Cards
Target gift cards are a great gift for tenants to purchase groceries, home goods, or treat themselves to clothing, books, or movies. Image courtesy of Blackhawk Network.
Target gift cards are a versatile and popular option for tenants. With a wide range of products—including groceries, home goods, cleaning supplies, and personal items—Target allows renters to use the card however they see fit. This flexibility makes the gift card feel useful rather than limiting.
Target is also a familiar brand for many households, which increases the likelihood that tenants will appreciate and use the gift card quickly.
Amazon Gift Cards
Tenants can purchase anything on Amazon whenever they need it making it a top choice for landlords to give out. Image courtesy of Amazon.
Amazon gift cards offer unmatched convenience. Tenants can use them for household essentials, home décor, electronics, or even subscription services. Because Amazon delivers directly to their door, it’s an easy and stress-free option for renters with busy schedules.
This type of gift card works well for nearly any tenant and is especially appealing in larger rental communities where preferences vary widely.
Walmart Gift Cards
Walmart is an affordable store for many people that offers everything from furniture, groceries, household items, and even electronics. Image courtesy of Walmart.
Walmart gift cards are another practical option that tenants can use for groceries, household items, and everyday necessities. Walmart’s affordability and wide product selection make this a valuable incentive, particularly for tenants focused on budgeting.
Because Walmart locations are widespread and accessible, this gift card is likely to be useful for a broad range of renters.
IKEA Gift Cards
IKEA offers affordable furniture, decor, and storage solutions that are perfect for tenants. Image courtesy of IKEA.
IKEA gift cards are a great choice for tenants who enjoy furnishing and organizing their living space. From storage solutions to décor and furniture, IKEA allows renters to make their apartment or home feel more comfortable and personalized.
Tenants who invest in their living space often feel more connected to it, which can contribute to longer stays and higher renewal rates.
Starbucks or Local Coffee Shop Gift Cards
Starbucks or gift cards from local coffee shops can be great for tenants to enjoy a sweet treat when on-the-go. Image courtesy of ClickBid.
Starbucks gift cards—or gift cards to local coffee shops—offer a more personal and enjoyable experience. While not directly tied to housing needs, these gift cards feel like a thoughtful treat and are often appreciated as a small luxury.
They can be a great addition to renewal incentives, helping landlords create positive emotional associations with their property and management.
Why Gift Cards Are a Smart Incentive for Landlords
Gift cards are an easy and effective way for landlords to reward good tenants and encourage lease renewals. Compared to the cost of vacancies, repairs, and marketing, gift cards are a small investment that can lead to long-term savings. They help tenants feel valued, appreciated, and more likely to stay.
For landlords, gift cards are simple to manage, scalable across multiple properties, and flexible enough to meet different tenant needs. For tenants, they’re practical, enjoyable, and useful. When used as part of a lease renewal strategy, gift cards can help create happier tenants, stronger relationships, and more stable rental communities—making them a win for everyone involved.
