There are a host of reasons why property owners should consider offering military discounts to their potential renters. Military service members represent our country's first line of defense, and it's worth taking any opportunity to give back and recognize the sacrifices these men and women make. However, our Fairfax property management team has learned that offering military discounts is a smart business practice, too.
If you have the opportunity to do a good deed that's also good for business, that's a win-win that you just can't pass up! The most recent data suggests that there are more than 1.3 million active-duty servicemen and women living in the United States, including more than 115,000 right here in Virginia.
Offering a military discount is a great way for Fairfax property owners—or any civilian business—to not only tap into a loyal customer base but also help out a group of heroes who very much deserve our support.
You'll Make Your Properties More Appealing
With numerous military bases within our borders and close proximity to our nation's capital, it should come as no surprise that Virginia is home to more active military personnel than almost any other state. In fact, active-duty servicemen and women total more than 10% of the state's population. From a business perspective alone, that means that no Fairfax investor should ignore the potential offered by military renters.
One of the key benefits of offering a military discount is, quite simply, that it will make your rental properties more appealing to military service members and their families. The small amount you might 'lose' by offering a reduced price is nothing compared to the benefit of getting and keeping high-quality renters for as long as their rotation lasts.
Help Enlisted Men and Women Afford Housing
As part of their pay, service members who do not have government-provided housing receive what is known as BAH (Basic Allowance for Housing) to help offset the cost of housing while they are in the service. The amount each individual receives depends on their location, pay grade, dependents, and the general cost of living in the area where they are stationed.
While the BAH goes a long way toward helping men and women in the military secure a place to live, it isn't always enough to pay for quality housing on its own. By offering a military discount, you can make it easier for great people to call your great spaces home.
Spread the Word
When you offer a military discount, word will spread. Military personnel are always in need of housing in the Fairfax area, and would generally prefer to rent from someone who understands the challenges they face. Once you've offered a rental to military renters at a discounted rate, your reputation as a military-friendly investor will spread quickly by word of mouth. That will help ensure that you will always have a stable base of potential renters in the event that one of your units becomes empty.
It's also worth considering that offering a military discount isn't only a way of attracting military renters. There are plenty of civilians who might want to support the military and will be happy to rent from someone who does the same. A military discount can also make your Fairfax rental properties more attractive to veterans—there are more than 18 million in the U.S.—and members of military families.
Working with a skilled Fairfax property management company can also help, especially if they have experience serving members of our armed forces.
Work With a Fairfax Property Manager
One of the biggest challenges when it comes to offering military discounts is knowing just how much you should knock off your rental price. After all, you want to offer a significant-enough discount that it's attractive to military personnel—but you can't reduce your rates so much that you put your mortgage payments at risk. This is an area where it really helps to work with a qualified property manager in Fairfax.
At RentSimple, setting the right rental price to create lasting returns is one of our specialties. Not only will we use our advanced rental analysis tools to zero in on the perfect rental rate for your rental properties, but we'll also run the numbers to determine exactly how much you should offer as a military discount.
Learn more about our free rental analysis! It's just one of the tools we offer Fairfax property owners, including:
- Complete adherence to rental laws pertaining to military renters
- Rent collection services, including guaranteed rent
- Professional 24/7 maintenance and repairs
- Advertising and marketing your properties
- Easy-to-use resident and owner portals
- Move-in and move-out inspections.
Ready to learn more about the benefits of partnering with a Fairfax property management company? Virginia has one of the highest percentages of active-duty military personnel in the nation. We offer the tools and services to tap into the unique Northern Virginia rental market, while at the same time, offering military discounts that help our valued servicemen and women access quality, affordable housing.
As an investor, you can get started with us by exploring our free rental analysis! Let's ensure you're correctly pricing your great spaces to lead to lasting returns.