06 Oct Happy Pet, Happy Home
People love their pets. Many of us treat our cuddly kittens and lovable lap dogs with the same level of compassion we share with our own family members. Due to this adorable dynamic, pet owners looking for a new home consider pet satisfaction to be a significant determining factor in their purchase. Property Managers and Realtors have taken note of this furry friend phenomenon and found that renters and first-time buyers want a home that’s perfect for their family and their pup.
According to a RentPath study on trends in multifamily, 66% of renters are pet owners. Apartments are adapting to this growing demographic with the inclusion of community features designed for pets. Rudimentary pet amenities are becoming more commonplace and new prospects are looking for services that go above and beyond to make their pet feel welcome. Multifamily properties are thinking creatively about pet ownership and have developed everything from grooming stations to pet bars right in their own leasing offices.
When these renters are ready to buy their first home, nothing can replace the benefits of having a spacious backyard. A study by Harris Poll found that Millennial homebuyers in particular are heavily influenced by their pets. A third of first-time buyers aged 18-36 ranked optimal yard space for their dog to be one of their top purchasing motivators, surpassing both marriage and the birth of a child. As more renters begin to trend towards homeownership, sellers will have to ensure there’s enough space both inside and outside of the home to guarantee pet satisfaction and seal the deal with their owners.
Pet friendly perks are changing the world of real estate, one Yappy Hour at a time. Whether you’re looking for a new apartment or a starter home, residential communities are finding new ways to attract and retain pet owners. In this competitive market, adapting to these growing trends is the only way to stay a paw above the rest.