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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.
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.
The top storylines in multifamily this week are renter's insurance, screening an applicant's job history, outdoor amenities post-pandemic, the future of apartment demand, developers facing construction delays and merging technology and pets.
As more communities become pet-friendly, operators have started tapping tech solutions to address some of the pain points that accompany being pet-friendly and enhance the experience for pet owners, non-pet owners and onsite teams alike.
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.