All the multifamily news you need
The top storylines in multifamily this week are nontraditional data giving operators an advantage, maximizing your CRM with automation, real estate technology to think about in 2022, the hazards of pet waste, skyrocketing apartment demand, rent growth from pandemic migration.
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.
The biggest multifamily storylines this week: allowing renters to pay more flexibly, cultivating culture, welcoming more pets for business reasons, status of emergency rental assistance, multifamily investment volume in the south and Twitter's acquisition of Quill.
Multifamily owners and operators are always on the lookout for ways to improve the financial and operational performance of their communities. A recent report shows that providing a welcoming environment for pet owners is a highly effective way to do just that.
According to a multifamily survey conducted by PetScreening and J. Turner Research of nearly 23,000 apartment residents, more than half of respondents support the idea that irresponsible pet owners should be charged more in pet-related fees.
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.
Call it the hidden variable of an apartment community’s pet population—visiting pets. While community teams have steadily gravitated toward crafting pet policies more reflective of the modern resident, these policies oftentimes omit this crucial component.
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.