Operators shouldn’t overlook the impact that their pet policies and amenities can have on their efforts to attract new residents. After all, we are a nation of pet lovers: 70 percent of U.S. households own a pet, according to the American Pet Products Association.
Increasingly, multifamily companies are discovering that embracing pet inclusivity by reducing or even eliminating breed and weight restrictions can be a powerful way to boost demand, sign new residents and retain current ones.
A gaggle of websites are dedicated to creating paystubs that appear to be authentic. Potential renters who otherwise wouldn’t qualify for an apartment home sometimes resort to this tactic to make it appear like they make more money than they actually do.
While some of the 2022 pet scene pertains to new concepts and evolving renter demands, the idea of how to responsibly implement some of the existing trends also figures to be a prominent theme. Here is a look at some of the primary storylines as the year begins.
Many renters have pets and consider them indispensable members of their families. There are now more pets in the U.S. than children, according to the American Pet Products Association. In fact, 67% of U.S. households own a pet, and Americans spent approximately $99 billion on pets last year.
Apartment operators didn’t always have a bevy of data at their fingertips to help steer them toward more intuitive property procedures. But that’s no longer an excuse, as newfound pet data has made a compelling case for operators to overhaul their policies.
When non-pet owners were asked what their top three pet-related concerns are, it wasn’t fear, aggression or biting that topped the list. It was nuisance issues such as pet waste, excessive barking and unleashed dogs that perturb them the most.
Survey data indicates that an overwhelming 71% of residents support charging higher pet fees for irresponsible pet ownership. This includes failure to pick up after pets and repeated off-leash instances. It also factors in pet misbehavior, such as incessant barking and aggressive behavior.
While proprietary data systems were favored in the past, the industry is gravitating toward a data-sharing model, knowing that the ability to integrate data enhances the capabilities of the provider and operator. And yes, pet and assistance animal information is part of the mix.
Savvy apartment operators are using technology to recover lost revenue and mitigate future losses, with some accelerating their tech rollout timelines from two years to two weeks. One often overlooked concept that can quickly drive revenue is PetTech.