There are a lot of pet-owning renters: 70% of U.S. households owned a pet in 2022, according to the Insurance Information Institute. On top of that, residents in pet-friendly housing stay 21% longer than those in non-pet-friendly housing, based on the Pet-Inclusive Housing Report.
The generation of additional funds is invaluable, as the proceeds can be used to make capital improvements, invest in technology and bolster onsite training processes. But any fees charged beyond rent must genuinely add value for residents and not give them the perception they are being price gouged.
When aiming to attract as many customers as possible, businesses often forgot about a significant subsection—the ones they already have. Whether you oversee a restaurant, casino or apartment building, you’ve already done the hard part when it comes to existing customers.
When apartment communities relax breed and weight restrictions, the immediate reactions center upon what it means to current and future residents. Most notably, it means more pets will be accepted at move-in and existing residents have fewer restrictions when obtaining a new pet.
Citing a joint PetScreening-J Turner Research study, only one in four apartment residents supports breed restrictions while just one in five is in favor of weight restrictions. In addition, many insurance companies have removed pet breed restrictions from their general liability policies.
It’s all in the amenities. However, certain amenities have a more profound impact than others. According to the 2020 Pet Policies and Amenities in Multifamily report, pet owners said that where they choose to live is significantly based upon the types of pet amenities that a community offers.
There are many benefits to multifamily communities being pet-friendly, including happier residents, an improved reputation and more homes available for pets that don’t have one. But the residual effects don’t stop there. Another major benefit is that it widens the pool of prospective residents.
Many apartment operators have worked diligently to improve their pet-friendliness levels. And if pet friendliness wasn’t already a primary focus, it definitely should be now. New data indicates that the well-documented spike in pet adoption during the pandemic has made an impact in the apartment world.
Proponents for eliminating breed restrictions argue that pets should be evaluated on an individual basis rather than any preexisting characteristic. Fortunately, tech advances have made it easier to track past behavior of the pet and its owner, which can assist community teams in the evaluation process.