Industry Insights

Pet-Friendly Amenities

Mar 12, 2020 9:30:24 AM / by RenovationsPlus

Multifamily amenities_petsYou may not be able to teach an old dog new tricks, but you can ensure pets and pet owners of all ages fall in love with your property with the right amenities. Baby boomers to millennials love their pets and think of them as part of their family. In fact, 2018 saw pet owners spend $72.56 billion on their furry loved ones!3

 

 

With the right pet-friendly amenities on your property, some of that spending can be for you. Show pet owners that you truly care about their needs and the needs of their four-legged companions with everything from dog washing stations to spacious dog parks. The right amenities on your property can lead to more renters being interested in your units, unleashing your earning potential.

 

The Purr-fect Amenities

Renters want to know that their pets will feel at home, which is why a dog park alone will no longer be enough to entice pet owners to choose your property. Fetch more interest from potential renters with pets by going the extra mile in providing pet amenities. A dog park is a classic, strong start, but build around it with poop pickup stations, dog washing areas or a pet play room that lets canine companions get out their energy after renters have been at work all day.

 

A mud room is also a good idea, especially if your property is in an area that receives a lot of rain. Renters can clean off their pets in the mud room after a walk before taking them inside on a rainy day. Think outside the box with a “Pet of the Month” announcement, which spotlights the furry friend who has been on his or her best behavior. These pet-friendly amenities are excellent additions that can lead to a boost in income for you.

 

Rents Shouldn’t Sit & Stay

Your property can’t thrive with rents stagnating, and animal lovers can’t provide their pets the best place to live without the right amenities in place. Revamp your property to offer the best pet-friendly amenities that create a win-win solution.

 

Did you know that about 50% of renters have pets, and that pet-friendly properties rent in about half the time with twice as many applicants?1 That is a large pool of untapped potential for your bottom line! In fact, you can expect monthly rent to rise by 45% just by adding a new dog park on your property.2 The various other pet-friendly amenities you could add to your property will only help to further raise monthly rent.

 

Don’t miss out on the bottom line boost that pet owners can provide your property. The amenities mentioned above can be just the start for your property’s financial success. You can add or modify pet-friendly amenities based on the needs of your current and potential tenants. Prevent your bottom line from rolling over and playing dead with new pet-friendly amenities on your property.

 

Save Pets from Shelters

As an added bonus to helping raise rents, pet-friendly amenities also help reduce the number of homeless pets in shelters. Many renters today would love to own a pet and enjoy unconditional love. However, many properties don’t allow pets or don’t have the proper amenities in place to make owning a pet convenient.

 

You can change that and keep more pets on your property and out of cages with the right pet-friendly housing. Every year, 6.5 million pets are added to animal shelters nationwide.4 Do your part to lower that number and help pets find loving homes by having the right amenities on your property.

 

Protect Pets & Your Bottom Line

If pets are happy, your residents are happy. Happier residents means less turnover on your property, helping to drive your bottom line and keep your property ahead of the pack. Higher rents aren’t the only treats you receive from pet-friendly amenities.

 

The new amenities help keep pets out of shelters and in loving families. Also, you can create a stronger sense of community from residents interacting more at the dog park or out on evening strolls with their companions.


Sources:

  1. "Tenants and their Pets". Retrieved from www.realpropertymgt.com.
  2. (2018, September 11). "Fetching an Edge with Pet-Friendly Apartment Amenities". Retrieved from www.apartments.com.
  3. “Pet Industry Market Size & Ownership Statistics”. Retrieved from www.americanpetproducts.org.
  4. “Pet Statistics”. Retrieved from www.aspca.org.

The information provided in this blog does not, and is not intended to, constitute legal advice; instead, all content is for informational purposes only. This blog does not create an attorney-client relationship between the reader and Home Depot Pro. You should consult your attorney to obtain advice with respect to any particular legal issue or problem.

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