With the onset of the pandemic and even as it stabilizes, its effect on businesses is undeniable. Rent concession rates are rising as property owners and managers scramble to keep their businesses afloat. The offerings not only manage to attract customers but also retain existing renters.
Essentially, rent concessions keep renters happy and renting, but if you look at it in the long-term, you’ll find it’s not as sustainable. Rental owners still need to compensate for their offerings in the future, leading to profit loss. And since most rental businesses offer almost the same benefit to everyone, they will quickly grow old and put companies at a disadvantage.
There’s another option to stand out: start welcoming pets. Welcoming pets in a previously pet-free area isn’t easy and requires some planning, but it will attract more renters and lead to better profit. More than that, happy pet owners result in happy long-term residents, too, ending your seemingly never-ending search for replacement tenants.
Why It’s a Good Idea to Turn Your Rental Units Pet-Friendly
Generally, your tenants’ happiness should remain a top priority. Satisfying your residents by guaranteeing a haven for their beloved pets encourages them to stay longer and even refer you to friends and family.
Next to that, you’ll also attract other pet parents or those thinking of getting pets into your rental homes. Catching potential customers’ attention by being pet-friendly works better than giving away unsustainable rent concessions.
The National Association of Residential Property Managers (NARPM) reports that pet-friendliness influences 50% of renters’ decisions to rent units. Among all renters, 60% are willing to pay premiums to keep their pets in rented homes, too. Of course, you’ll need to take appropriate measures when opening your properties to pets, but it should be more worth it than rent concessions.