Apartment communities have become very creative when it comes to keeping their current residents. Soft renewal-rate increases, promises of more resident events, the implementation of cutting-edge smart home features, property upgrades, and flexible lease terms are among the items offered.
All sound compelling, but it’s plausible that none of them will persuade a significant demographic to remain in the building—the pet owner.
That dazzling new theater room might be enticing to some, but to residents Charlie and Sheena in unit 303, it does nothing to improve the experience of Jasper, their Airedale Terrier. Pet owners have become a more discerning group when choosing a place to live, and the comfortability levels of their pets often serves as a tiebreaking factor.
That includes residents already in the building, who often use their first year of leasing as something of a litmus test for not only how well they enjoy the property, but how well their pet does. If Jasper is restless, it’s probably time to move on. The oft-cited metric from the Pet-Inclusive Housing Report speaks to the power of providing pets and pet owners with a good experience: Residents in pet-friendly housing stay 21% longer than those in non-pet-friendly housing.
Astute apartment operators undoubtedly monitor the retention rates of their pet owners, and if departure rates are higher than normal, it might be time to modify their approach. Thankfully, operators can take some significant steps to persuade more pet owners to stay put.
Well-Managed Pet Resources
Just as they can attract new residents, an attractive slew of pet amenities and services certainly helps keep current residents in the fold. But those living at the property have a deeper insight—they’ve seen the resources in action. If pet-waste bag stations are placed throughout the property but seldom stocked, they are of little use. If the spacious and shady pet park is seldom cleaned or has gaps along the fence line, the same applies. Making sure pet resources are not only available—but also effectively managed—is paramount.
As alluded to in my previous column, not all properties are blessed with an abundance of space for pet amenities, but they can still create a pet-friendly experience. According to numerous studies, most important to pet owners are a pet park with shaded areas and fully stocked pet-waste stations. While other pet-centric features certainly add a nice touch, these are the most crucial.
Effective Use of Tech Resources
A common complaint from residents—pet owners or otherwise—is that pets often run amok at a community, and it’s unclear as to whether they are properly accounted for. Properties that fail to properly track the on-site pet population are not only doing residents a disservice, they are also losing potential pet rent revenue for the untracked pets.
Tech resources are available to help ensure resident compliance when they acquire or have visiting pets. Operators also can lean on tech to screen pets and pet owners when they apply for a home and determine whether any past incidents or behaviors preclude them from qualifying. Additionally, operators experiencing difficulties with pet waste can adopt pet DNA services to help locate the offending parties. Oftentimes the mere presence of this type of platform can curb pet-waste neglect.
Lean on Industry Success Stories
While the recommendations offer valuable steps properties can take, some operators might want to gauge the success rates of those that have used them. One shining example is Atlanta-based The Management Group (TMG), which experienced a soaring 80% renewal rate among pet owners after implementing the concepts above along with other pet-friendly initiatives.
In TMG’s case, the company took the bold move to eliminate pet fees altogether, under the idea that renewals and lack of turn costs ultimately proved more financially prudent than monthly pet fees. The company is also among the growing number of operators that have shed breed and weight restrictions in favor of evaluating pets and owners on an individual basis.
While TMG’s story might serve as a best-in-practice guidepost, several other operators have become more attractive to pet owners as the result of modified pet practices. These include MAA, RPM Living, Oculus Realty, Milhaus, Bridge Property Management, Camden, and numerous others. When researching the stories of these companies, operators should not hesitate to imitate some of their best practices to help bolster their own renewal rates among pet owners.
The swimming pool might look sparkly. The rooftop deck is also attractive. But, when all is said and done, those features aren’t necessarily among those that will attract and retain pet owners in the building.
This is the fifth installment of a monthly series by John Bradford. Previous topics include the state of pets in multifamily in 2023, the rise of pet-centric amenities, rethinking pet breed and weight restrictions, and navigating fraudulent accommodation requests for assistance animals.
