Your Pet Policy May Not Be As Friendly As You Think
According to the 2021 Pet-Inclusive Housing Initiative (PIHI) Report, residents in pet-friendly rental housing stay 21 percent longer than those in non-pet-friendly housing (the report defined pet-friendly housing as any housing that allows residents to have at least one pet, regardless of other restrictions).
This lets you reduce marketing and unit turn costs. Your residents aren’t moving out as frequently. Additionally, 83% of owner/operators surveyed say pet-friendly vacancies are filled faster. That translates into fewer days where a unit is not producing revenue.
The article is written by Crystal Martin of Leon Capital Group. There she serves as managing director of asset management. She has a lot more to say about how to provide a welcoming environment for pet owners and how this unique and simple tactic will improve the financial and operational performance of your community.