As we observe Veterans Day, we pause to honor and to thank those who served and sacrificed. We appreciate you all very much.

Now to today’s market: renters are negotiating like pros, shopping with 3D goggles, and bringing pets (and sometimes parents-as-cosigners). Let’s decode what 24,000+ renter voices mean for your leases, marketing, and NOI.

Story: Zillow’s 2025 Consumer Housing Trends Report surveyed 24,400+ renters and surfaced three apparent shifts. First, concessions are mainstream: 58% of recent renters received something offered upfront, 25% negotiated themselves, and 17% did both. The top “best” perks were reduced rent (27%) and a free first month (17%). Second, digital leasing is now a table-stakes feature: 57% of recent renters consider at least one feature “essential” (virtual staging, 33%; 3D common-area tours, 29%; drone exteriors, 13%). Third, renter profiles and payments: 28% report having a cosigner in the household; 31% of recent renters pay pet fees (with the most common range being $40–$59/month), and the median renter age is 41 (recent movers skew younger at 33).

So What? Concessions are no longer a “special”… they’re a pricing channel. Treat them like yield management: trade free months and deposit reductions for longer terms, higher renewal probabilities, or premium units you need to move. Digital tours aren’t nice-to-haves; they’re the new front door (optimize AR staging and 3D amenity fly-throughs to lift lead-to-lease. Pet fees are dependable ancillary revenue) dial them to local comps while staying FAIR (fees must match real costs/market). With 28% reporting cosigners, formalize underwriting rules for guarantors (including income multiples and FICO floors) to reduce delinquency. Finally, stock what’s selling: 2BR demand is sticky; keep your 2BR pricing/availability sharp and showcase WFH-friendly layouts.

What’s Next? Expect winter leasing to stay concession-heavy; build offers with clear ROI guardrails (break-even months, renewal targets). Level-up digital assets before the spring rush—refresh 3D tours, add AR-staged variants (office vs nursery), and A/B test listing thumbnails. Revisit pet policies/fee ladders in January budgets. Update cosigner criteria and automate doc checks. Track 2026: if rates drift lower, concession intensity should ease, but virtual leasing and pet-centric amenities will keep paying.

Source: Zillow

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