It is estimated that approximately 70 – 80 million people own dogs and 74-96 million people own cats in the United States. It has become a matter of fact — we love our pets! Having a furry friend brings the owner a number of benefits; from lowering blood pressure to helping reduce depression, pets are a real boost to a person’s health and mental well-being.
So, what does pet ownership have to do with the multi-housing industry? Pet-friendly communities are a great marketing tool. They can be used to raise resident retention, but also to reach out to new residents who are following this trend.
As mentioned above, millions of people own pets. What is relevant to our industry is that the younger generations are following in the baby boomers footsteps. Although, the baby boomers started this pet craze known as “pampering,” there remains a large portion of millennials that prioritize their furry friend as well. Bob Vetere, President and CEO of American Pet Products Association (APPA), reports that the rise of pet ownership in the past year tells us that it is not a trend, but here to stay.
Considering people make pets a part of the family, it is not surprising that spending would match that level of connection. Actually, in 2015 a record $60.28 billion was spent on products for pets. The savvy Gen Y and Gen Xers use online tools and resources to find pet-friendly hospitality in their area. According to the Property Management Insider, “twenty-eight percent of dog owners have been to a pet-friendly hotel.” Nine percent even took their pet friend to a restaurant allowing pets. These facts uplift the importance of pet-friendly amenities. The APPA estimates spending for the upcoming year to increase to $62.75 million, indicating the industry is only on the rise.
What is the impact on the multifamily industry?
The National Multifamily Housing Council reports that pet owners already make up 33 percent of the multi-housing community. That number is sure to rise as millennials continue to choose renting over buying. Since pet ownership is so widespread and pets are so beloved, it makes sense for the multi-housing industry to cater to people’s pet pampering by providing appealing services. When people have plenty of amenities and services available on site for their pets, they are likely to feel happier and more at home. This translates to higher retention rates, as well as appealing to new residents – potentially reaching out to those who would have not been a prospect before. Here are a few ideas for services that appeal to pet owners:
- Dog wash stations
- Exercise stations
- Dog treats in the lobby of the office
- Concierge services
- Doggie pool parties
- Pet classes of various kinds
With the pet ownership on the rise, it is important that the multifamily industry stay up to date on the latest and greatest trends in the market. At Marquette Management, we welcome you and your furry-friends to our luxurious communities across the midwest. If you would like to lease an apartment in the area, please contact us today!Back to all posts