by Morgan Dzak

Innovation in the rental housing industry typically refers to property technology: The tools that streamline leasing, increase resident satisfaction and create efficiencies for onsite teams. But with the innovation of proptech off to the races, operators are turning to new areas that position them as the innovators to residents. Many of these areas are all about pets. 

Pet ownership has skyrocketed during the past few decades, increasing from 56% to 70% of households from 1988 to 2022, according to the American Pet Products Association. Just as many renters have welcomed new pets into their households, and many are also looking for more pet-inclusive communities. Michelson Found Animals’ “2021 Pet-Inclusive Housing Initiative Report” (PIHI) found that 72% of multifamily residents note that pet-friendly housing is difficult to find. 

Operators are taking note of these trends and modern resident needs by welcoming pets into their communities to cast a wider net for prospective residents and increase renewal rates. The PIHI Report also found that residents in pet-friendly housing stay 21% longer than those in non-pet-friendly housing. 

Read Morgan Dzak’s article in UNITS Magazine.