While the notion that pets are an integral part of the family dates back several generations, that idea is even more prevalent now.
Pet ownership has risen prominently over the past several decades—from 56% of households in 1988 to 66% now, according to the American Pet Products Association—and data collected by Forbes from various sources illustrates that younger generations place an even greater emphasis on their furry friends.
According to a Forbes Advisor compilation of pet statistics, Gen Z individuals (those ages 18 to 25) are more likely to dedicate monetary resources toward their pets’ needs and overall happiness. According to the study, Gen Z pet owners are the most likely to spend money on behavioral training (41%), dog day care (35%), specialized pet food (44%), and dog walking services (31%). They are also the most likely generation to spoil their pets with entertainment-related items such as birthday cakes (34%), birthday presents (39%), and clothing or costumes (32%).
What does this mean to the apartment world? Most important, it further drives home the importance of offering pet-friendly housing. Gen Z is an emerging renter demographic that exhibits few qualms about putting their pets’ happiness at the forefront, and they almost certainly will use a rental community’s pet-friendliness level as a deterministic factor when deciding where to live.
Pet-friendliness, of course, goes beyond merely allowing pets, which has been discussed at length in previous columns. Well-crafted pet amenities, pet services, periodic pet-centric events, fully stocked waste stations, and pet-responsible policies all factor in to offering a pet-friendly experience for all residents. With that in mind, we’ll take a look at more research that underscores the propensity of younger renters to focus upon their pets and how it could relate to their apartment-related decisions.
While Gen Z is projected by many to become the largest renter demographic by 2030, another young cohort remains the largest contingent of pet owners. Millennials make up the largest percentage of current pet owners at 33%, with Gen Z next in line at 25%. Together, that means more than half of pet owners belong to the two youngest generations—and the two most renter-centric generations.
The data collected by Forbes also details regrets from pet owners, and the multifamily industry was on the list. Among the reasons why dog owners gave up their pet, two of the top four causes were related to apartments, at least peripherally. At No. 2 was the cost of rent in general (10%), and No. 4 was the cost of pet deposits at apartments (5%). These reasons were accompanied by general inflation (the top reason at 12%) and an inability to afford medical bills, which placed No. 3 at 7%.
Additionally, an apartment-related component was cited as the second largest sacrifice dog owners have made for their pet. A healthy 13.96% of respondents said they relocated from their apartment to a house so their dog could have a yard. It trailed only the sacrifice of living on a tighter budget just to afford their pet’s expenses (39.29%).
It’s no secret that pet-friendliness has become more of a glaring priority for apartment owners and operators, particularly over the past five years. Judging by the tendencies of younger generations, that trend is showing no signs of tapering. In fact, it will only become more prominent moving forward.
That puts the onus on property teams to offer the resources and policies that will attract the ever-increasing pet-owning demographic. As the industry continues to adjust, communities with antiquated pet policies or lukewarm levels of pet-friendliness will continually have a more difficult time competing with those on the cutting edge.
