Pets are no longer just beloved companions; they're also a burgeoning source of revenue for multifamily housing providers. According to an article by Multifamily Executive, the pet-friendly trend is not just about being welcoming to our four-legged friends, but also about leveraging this trend to enhance revenue streams.
A key finding in the article is that eliminating breed restrictions can significantly increase revenue. A study by Michelson Found Animals Foundation and the Human Animal Bond Research Institute (HABRI) shows that while 77% of apartment communities allow dogs, 50% still have breed restrictions in place. By lifting these restrictions, property managers can attract a larger pool of potential renters and keep current ones satisfied.
Moreover, the article points out that pet inclusiveness is a crucial driver for resident retention. Pet owners are known to be loyal to pet-friendly environments, and they're more likely to extend their leases if their pets are welcomed and accommodated. This is where PetScreening shines. Our technology solutions streamline the process of managing pets on leased properties, making it easier for both housing providers and residents.
The article also highlights the importance of crafting effective pet policies. Some communities charge a refundable pet deposit for potential pet damages, while others opt for a nonrefundable pet fee. With PetScreening's platform, housing providers can manage these policies seamlessly and ensure responsible pet ownership among residents.
Pet amenities are another way to attract and retain renters. The Multifamily Pet Policies and Amenities Survey from PetScreening and J Turner Research found that only 24% of residents favor breed restrictions, while 53% appreciate pet amenities. Rentable items like pet beds or convenience-based premiums like dog walking services can significantly enhance a rental community's appeal.
Being pet-friendly isn't just about embracing the modern-day lifestyle trend. It's about seizing the opportunity to generate ancillary income and enhance resident satisfaction. With PetScreening's technology solutions, housing providers can easily navigate the pet-friendly landscape while tapping into a profitable market.
