Did you know that pets are not just companions but integral members of many households?
According to recent statistics:
35% of Americans have more than one pet
39% of renters have a dog, 29% have a cat
33% of millennials have pets
25% of Gen X have pets
24% of Baby Boomers have pets
38% of dog owners got their pets from an animal shelter or rescue
51% of pet owners consider their pets to be as much a part of the family as a human family member
78% of pet owners surveyed acquired pets during the pandemic
Households with annual incomes of $100k+ are most likely to own pets, with 63% owning dogs and 40% owning cats
Americans spent $136.8 billion on their pets in 2022, up 11% from the previous year
One of the most staggering statistic reveals that a survey of 10,000 dog owners found that 14% moved from an apartment to a house so their dog would have a yard. Outdoor spaces matter significantly in multifamily environments. Losing residents to "buying home" or single-family rentals? Dig deeper. Is "𝘣𝘶𝘺𝘪𝘯𝘨 𝘩𝘰𝘮𝘦" code for "𝘥𝘰𝘨 𝘯𝘦𝘦𝘥𝘴 𝘺𝘢𝘳𝘥"?
Catering to pet owners in the rental housing market holds immense importance. To capitalize on this growing demographic and elevate the living experience for both residents and their beloved pets, property owners and operators can implement a series of pet-friendly initiatives.
Here are eight strategies aimed at boosting revenue and resident satisfaction:
Replace Pet Deposits with Pet Fees and Rent: Say goodbye to hefty pet deposits and opt for pet fees and monthly pet rent instead. This not only reduces upfront costs for residents but also provides a steady stream of revenue for property owners.
Expand Pet Limits: Stand out in the market by increasing the pet limit per unit. Accommodating residents with multiple pets can make your community more attractive and pet-friendly.
Establish Inclusive Pet Policies: Revise pet policies to be more inclusive. Consider accepting all breeds and implement a tiered pet fee schedule based on breed risk. This not only maximizes pet revenue but also reduces potential liabilities.
Streamline Pet Management: Implementing a digital pet management platform can streamline pet-related processes and reduce the burden on onsite teams. This no-cost solution facilitates assistance animal accommodation requests and minimizes risk.
Offer Fenced Yards for First-Floor Units: Enhance the living experience for pet owners by adding fenced yards to first-floor units. This premium amenity offers convenience and outdoor access for pets, improving resident satisfaction and retention. Studies show properties with fenced yards can fetch premiums from $100-300 per month, making it a lucrative investment opportunity for property owners.
Enhance Competitive Edge: Fenced yards also enhance competitiveness against single-family rentals by providing sought-after outdoor spaces, This addition levels the playing field between multifamily and single-family properties.
Host Pet-Friendly Community Events: Foster a sense of belonging among residents by hosting pet-friendly community events such as Puppaccino Parties or themed Pet Photo Booths. These events encourage socialization and highlight the community's dedication to welcoming pets.
Enhance Existing Pet Amenities: Improve existing amenities such as pet washing stations and designated pet parks to cater to pet owners' needs further. This not only differentiates your community as pet-friendly but also enhances resident satisfaction.
By investing in these pet-friendly initiatives, property owners can attract a broader resident pool, increase occupancy rates, and justify premium rental rates. Prioritizing pet-friendly initiatives presents a strategic opportunity to drive revenue growth, enhance resident satisfaction, and position properties as desirable assets in the competitive rental housing market. If you're an Owner, Operator, or Asset Manager looking to learn more about how to implement these strategies, contact us today to get started: Success@therevenuemethod.com.
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