Happy Pets Make for Happier Residents
Digested from Pampered Pooches: Creating Pet-Friendly Multifamily Communities Property Management Insider (5/3/16) Blackwell, Tim
Pampered pooches are all the rage these days. They chew on bison rawhides for treats and eat pheasant for dinner. According to the American Pet Products Association (APPA), pet ownership is on the rise, with 65 percent of U.S. households owning pets. Overall spending for pets hit a record of $60.28 billion in 2015, and that number is only expected to grow this year.
The pet humanization trend is alive and well and continues to drive growth at the premium end of the market, said APPA President and CEO Bob Vetere. Millenials, who are about to overtake baby boomers as the chief demographic of pet owners, dont mind spending big bucks on their furry friends.
Thirty-three percent of pet owners reside in apartments, and the apartment industry has recognized that it needs to accommodate pet-loving residents with special amenities. A new crop of for pet features includes dog washing stations, pet parks and even concierge service.
Twenty years ago we didnt have as many pets in apartments, and today its a fact of life. The deals that were building and designing today need to have the dog wash and pet park and all the pet-friendly amenities. If your pet is happy, hopefully your residents are, too, says Robert Poynter, executive vice president and Chief Investment Officer at Monogram Residential Trust.