Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

Opening Your Doors to More Pets

Opening Your Doors to More Pets
To be truly pet-friendly, apartment owners and operators should consider reducing or even entirely eliminating their breed and weight restrictions.  That was one of the major takeaways of How Do Your Residents Feel about Pets … and What Does that Mean for Ancillary Revenue?, a presentation by PetScreening CEO and Founder John Bradford during the recent AIM Reinvent digital conference.  To start with, prospects and residents aren't demanding these restrictions. Citing a joint PetScreening-J Turner Research study, Bradford noted 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.  Add it all up, and "it’s clear that old-school pet policies with breed or weight restrictions could benefit from some fine-tuning," Bradford said. "Reconsider your blanket pet-related restrictions." Reviewing individual pets and their owners on a case-by-case basis during the screening process will allow apartment communities to boost revenue and demand because they are opening their doors to more pet owners.  Atlanta-based apartment operator The Management Group has dropped all breed and weight restrictions across its portfolio and seen striking results.  "After this policy change, 80% of their pet-owning residents have renewed their lease," Bradford explained. "While their competitors reject pets based on weight and breed, their communities warmly welcome all pets, attract more applicants, increase resident satisfaction and improve their bottom lines."  To attract and retain pet-owning renters, it's also important to have the right amenities in ......
Continue reading
1242 Hits
2 Comments

If You Have It, They Will Come: Pet Amenities Pet Owners Want

If You Have It, They Will Come: Pet Amenities Pet Owners Want
They say that it’s all in the amenities. However, certain amenities have a more profound impact than others. And while the traditional amenities you would think are important to prospects and residents may still be on their list, it’s the pet-related amenities that are becoming increasingly more of a necessity. According to the 2020 Pet Policies and Amenities in Multifamily report by PetScreening and J Turner Research, pet owners said that where they choose to live is significantly based upon the types of pet amenities that a community offers its residents.  When pet-owning residents, or those intending to get a pet within the next year, were asked on a scale from 0 to 10 how important pet-related amenities are when considering renewing a lease or moving into a community, the average rating was an impressive 7.11 out of 10.  Knowing that pet-related amenities are so important to a resident’s decision when choosing to renew their lease or to a prospect who is considering moving-in, it’s critical that apartment communities have the pet-related features that truly matter to renters.  While many operators might fear that introducing such amenities in their community will be expensive, that isn’t the case with the three most desired pet-related features. The three most-desired pet-related amenities found in the survey, which features the feedback of more than 22,000 apartment residents, were: Pet-waste Stations: These came in at number one with 65% of respondents saying this was a top amenity for them.  A fully stocked waste station will ensure that, oth......
Continue reading
1175 Hits
0 Comments

Show Me the Pets: Financial Benefits of Being Pet-Friendly

Show Me the Pets: Financial Benefits of Being Pet-Friendly
There are many benefits to multifamily communities being pet-friendly, including happier residents, an improved reputation and more homes available for pets that don’t have one. But the residual effects don’t stop there.  Another major benefit is that it widens the pool of prospective residents. According to Apartments.com, more than 70% of renters own a pet, yet many of them indicated that pet-friendly housing is hard to come by.  In addition to attracting new residents, apartment operators will often experience an increase in renewal rates by becoming pet-friendly. While pet owners tend to stay in an apartment home for an average of 46 months, non-pet owners stay an average of just 18 months, according to the Foundation for Interdisciplinary Research and Education Promoting Animal Welfare. This places an average value of $63,572 on a pet-owning resident, compared to a value of $24,875 on a non-pet owner.  Less vacancy, plus increased renewal rates, equals powerful financial benefits for owners and operators. Consider that a pet-prohibited portfolio of 1,000 apartment homes will have approximately $588,000 in additional turnaround costs and suffer a massive $10.7 million hit to its overall value. By allowing pets to reside in their communities, operators attract and retain residents, which in turn creates new revenue streams.  One way to earn additional revenue from pets could be to have a dog walking service or pet spa that pet-owning residents can use. Another way is by simply charging a small, monthly ‘pet rent’ fee based upon the pet’s track record on top of the tr......
Continue reading
967 Hits
0 Comments

Data Suggests an Increase of Pet Owners at Apartment Communities

Data Suggests an Increase of Pet Owners at Apartment Communities
Many apartment operators have worked diligently to improve their pet-friendliness levels. And if pet friendliness wasn’t already a primary focus, it definitely should be now.  New data indicates that the well-documented spike in pet adoption during the pandemic has made an impact in the apartment world. A recent Pet Policies and Amenities Survey, featuring more than 22,000 apartment and student-housing renters, indicated that 26% of the pet-owning residents acquired a pet during the pandemic. The percentage climbs to 39% when factoring student renters only. The study, compiled by PetScreening in conjunction with J Turner Research, also found that 20% of non-pet owners plan to get one in 2021. Pet-friendliness was already a deterministic factor for many renters and the number continues to climb. That puts the onus on apartment operators to adjust their pet policies to keep pace with the rising contingent of pet owners and their increased expectations.  While many operators have already adjusted policies with the modern-day pet owner in mind, here are some recommended modifications that will boost a community’s level of pet friendliness:  Increase pet amenities and services Many new developments are incorporating dog runs, pet-wash stations and pet spas into the blueprint. But not all communities have that luxury and many don’t have an abundance of space that can be converted to large-scale pet parks. Those communities can still exhibit pet-friendliness by hosting pet contests, providing literature detailing the closest pet parks and vets in the area, and by offering pet concierge services through third parties.  Recon......
Continue reading
615 Hits
0 Comments

The Benefits of Eliminating Pet Breed Restrictions

The Benefits of Eliminating Pet Breed Restrictions
As apartment communities move away from 1990s-era pet policies for more intuitive processes, the issue of breed restrictions remains a polarizing topic. But when implemented in a responsible manner, eliminating breed restrictions can have profound positive effects for the resident experience and the community’s bottom line.  Proponents for eliminating breed restrictions argue that pets should be evaluated on an individual basis rather than any preexisting characteristic. Fortunately, tech advances have made it easier to track past behavior of the pet and its owner, which can assist community teams in the evaluation process.  An important distinction to clarify is that eliminating breed restrictions doesn’t mean rental properties have to allow every pet in the door. It just means some aren’t automatically eliminated from consideration due to their breed. Communities can insist that pet-owning residents provide training certificates, references, vaccination records, fill out a digital pet profile or provide other documentation as part of the community’s application process.  While the arguments for and against breed restrictions are a separate topic—along some of the myths surrounding them—here is a look at some of the primary benefits for apartment communities if they decide to eliminate them:  Bigger resident pool, longer average stays Pets are family for most pet owners, and these residents aren’t likely to remain past their first lease term if pet-friendliness isn’t up to par. They aren’t likely to live at your community at all if their pet is on the breed-restricted list. The eradication of breed restrictions opens up a new segment of renters, and r......
Continue reading
2012 Hits
4 Comments