There was a time you could ignore the furry family and still invest in a great multi-family opportunity, but we think those days are gone ‘to the dogs’. Now more than ever, pets aren’t animals, they are referred to as ‘fur babies’ because they are seen as part of the family.
Not only are pets important, but they are also more common to your demographic, as we see a rise in families and renters with pets surging across the nation. Allowing animals is more of a necessity than an option, these days.
Before you invest, consider the ramifications to management and renter alike regarding design and amenities. Pets can be clear loss leaders if you aren’t prepared to accommodate and stipulate to smart renter rules and smart planning for damage. As a developer, you can set the standard to ensure your landlords and tenants work together to keep your property safe and clean.
Is there ample green space? Even in a city style format, a pied-a-terre, rooftop or tiny ‘poo pad’ might be an addition you have to create. Larger scale residencies go so far as to offer spas, wash stations, pool parties, training classes, and indoor park options.
Manages of developments do cite positive results when you take this seriously – this article notes you will not only increase leases, but also fuel community.
Don’t get left behind on your investment opportunity by not doing the due diligence of finding some space for those with animals. It could come back to bite you.