The top storylines in multifamily this week are ESG reporting, pet-centric amenities, combatting rent growth loss with revenue recovery, pet tech, selecting proptech, ChatGPT and real estate, the dying American Dream, popular amenities and government lending.
It’s no secret that apartment operators have boosted their levels of pet-friendliness in recent years in an effort to capture a significant subsection of renters—the pet-owning resident. But being genuinely pet-friendly goes beyond simply allowing pets.
Lifting breed and weight restrictions for our four-legged friends and generally becoming more pet-inclusive can create significant financial gain for multifamily communities, such as increased NOI and higher resident-retention rates.
Apartment owners and operators are constantly devising ways to stand out in the market. An uptick in pet-friendliness and a rethink of pet amenities has the potential to attract a wider pool of residents and keep existing residents in their homes.
This week’s top multifamily storylines: motivating today’s property management associates, creating value in today’s value-add properties, the pet amenities residents want, thriving single-family rentals, full-service experiences and the overheating apartment markets.
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.