With the classic movie The Princess Bride grabbing headlines this week, it seems appropriate to discuss something in multifamily housing that is truly inconceivable: rent concessions. Recently published data shows that concessions of all types are growing fast in order to attract new residents in the wake of the COVID-19 pandemic, and free rent leads the way in offerings. According to RHJ, “The rate of rental concessions can often be a leading indicator of a coming price drop, because landlords will often [sic] concessions first, before reducing rent.”
It’s time to storm the castle using a new tactic: pets. Living in a pet-inclusive community is one of the top influencing factors for approximately 50% of renters. And with two-thirds of households owning pets, it's no wonder that living in a pet-inclusive community is a feature that 60% of renters are willing to pay more for.
This is the time to capitalize on people's love for their pets. Set your property apart from the masses of “one month rent free” offers being given at a third of properties right now. Competition is stiff, and in this unexpected market there’s no room for blending in with the crowd of rent-conceders. Helping pet owners find a new home makes residents feel welcome, committed, and excited to be living in your community -- and prepared to pay for it.
By filling your vacancies now with pet owners, you won’t have to scale back concessions or forgo increases at renewal times. Pet owners are willing to pay premiums and sign longer leases if they know their pets are safe where they are. Signing pet owners now helps weather the storm and positions you for better financial results down the line.
Want to learn more? As you wish.
This article was originally posted at https://www.pawsopeningdoors.com/rent-concessions