Full Definition
A look-and-lease bonus is a time-limited concession given to renters who sign a lease within 24-48 hours (sometimes 72 hours) of touring a unit. The goal: reduce 'I'll think about it' delays that lose leases.
Common forms: 1 additional week of free rent (on top of any standard concession), $200-500 gift card or move-in voucher, waived application or admin fees, free covered parking for a period.
Look-and-lease is most common at: lease-up properties trying to fill units fast, buildings competing in saturated submarkets, and any community at the end of a slow month trying to hit occupancy targets.