Pet ownership among renters has been on the rise. A survey by Apartments.com found that 33% of renters own pets, and more than half are dog owners.
This can mean a wide variety of amenities, including dog parks, pet grooming stations, and pet-friendly events. With these, you can attract and retain much more pet-owning residents. Often, pet-friendly residents will form a community with one another and find it highly attractive. This can mean a higher occupancy rate and increased revenue in the long term.
There’s been a growing need for property managers to provide pet-friendly options to cater to the increasing demographic.
In addition, pet-friendly amenities can increase the overall value of a property. Beyond the increase in rent prices, it can help a property stand out in a competitive marketplace, allowing you to find more potential tenants.
Types of Pet-Friendly Amenities
So, what are these pet-friendly amenities, you may ask? Here are some of the more common ones to get you started.
Outdoor Spaces
A great place to start is pointing out or creating outdoor areas such as dog parks, walking trails, and outdoor areas for pets. These spaces provide a safe and controlled environment for residents to take their pets out for exercise and socializing.
Indoor Spaces
For indoor spaces, you’re looking at pet grooming stations, play areas, and other designated pet-friendly rooms. For example, a pet grooming station should be equipped with shampoo, brushes, and towels for residents to clean their pets at home. Play areas allow pets to participate in indoor activities and socialize, especially when the weather’s bad.
Pet-Related Services
You can also offer some services, such as dog walking, pet sitting, or pet daycare. Not only can this fetch additional profits, but it also provides peace of mind for residents who need to be away from their pets occasionally, adding a layer of convenience.
For more proof, one apartment complex in Chicago beside a dog park saw a big increase in lease renewals. In New Orleans, a vacant lot became the center of a dog-loving community as it was repurposed into a dog park.
Benefits of Pet-Friendly Amenities
Pet-friendly amenities can offer many benefits to property managers and residents. So let's take a look at just a few.
Attracting and Retaining Pet-Owning Residents
By providing more pet-friendly amenities, such as the outdoor spaces and services mentioned above, you can appeal to more pet owners looking for a home for them and their furry companions. This leads to higher occupancy rates and lease renewals for long-term value.
Increasing Resident Satisfaction
Offering more pet-friendly amenities creates a better living environment for residents, improving their overall satisfaction. Happier pets lead to more satisfied residents, leading to increased retention rates. Grooming, walking, and pet-sitting services can be a godsend for busy residents.
Gaining a Competitive Edge
This can help attract more renters in a tough market, improving the overall perception of the property.
With a growing number of renters owning pets, offering pet-friendly amenities can give a property a competitive advantage.
Generating Additional Revenue
Offering pet-related services, grooming, walking, and pet-sitting, in particular, can also generate additional revenue for the property. Additionally, charging pet fees or deposits can help offset the costs of maintaining pet-friendly amenities.
Contributing to Higher Resident Retention Rates and Reduced Vacancy Rates
Property managers can improve resident retention rates and reduce vacancy rates with amenities. For example, pet owners who are satisfied with their living environment are more likely to renew their leases and stay longer in the property.
Promoting Pet-Friendly Amenities with a Pet Management Software
Once you’ve decided on some pet-friendly amenities, pet management software becomes an important promotion tool. Not everyone will know what the different amenities can do for them and their pets.
Pet management software helps managers communicate with residents about pet-related policies, provides access to online resources and tools, and streamlines the management process.
Some pet management software, like OurPetPolicy, has communication tools to keep residents informed about upcoming pet events or changes to the pet amenities. This will help keep them more informed and connected to the community. In addition, online resources help by giving residents easy access to pet directories, pet care tips, and information about local pet services, which shows even more of the building’s commitment to being friendly and valuable to its resident pet owners.
The software also provides a central place for addressing pet-related issues as they come up. This includes racking pet policies, enforcing pet fees and deposits, and addressing any pet-related complaints or concerns.
Best Practices for Implementing Pet-Friendly Amenities
For best practices when implementing new pet-friendly amenities, there are a few key factors: the budget, available space, and liability concerns. Carefully planning each of these is essential, considering both the initial investment and the ongoing maintenance costs.
For space, outdoor amenities like dog parks will require a large amount of outdoor space, while indoor ones like pet grooming and play areas require supplies and the ability to fit into the floor plan. Also, they have to be accessible and safe for both pets and residents alike. That’s where liability concerns come in. Property managers should review their insurance policies and check with legal counsel to ensure they are covered in case of any incidents. This can be a headache but worth it in the long run.
Getting pet management software can assist with many of these tasks. For example, the software can provide valuable data and insight into resident demographics, such as the number and type of pets in the building. This can help determine the right amenities to invest in.
Recently, many properties have successfully implemented pet-friendly amenities. Overall, property managers can attract and retain more pet-owning residents, increase resident satisfaction, and improve the overall value of their properties by investing in solid pet-friendly amenities.
The Bottom Line
As we’ve now seen, adding pet-friendly amenities to a property can offer a range of benefits, including resident satisfaction, a competitive edge, and increased revenue. By using pet management software, you can better promote these services, improving the resident experience. With these best practices in mind, property managers can attract and maintain a more extensive base of pet-owning residents, adding value to their properties.
Landlord Tech specializes in providing digital tools to help property owners and managers successfully manage pets in their properties. Our OurPetPolicy platform provides an integrated solution that helps to ensure there are no unauthorized pets at your property and create a lawyer-vetted pet policy for your rentals. If you're looking for an immediate return on investment, and peace of mind managing pets on your properties, then it's time to consider OurPetPolicy. Schedule a demo with us today.
