LOS ANGELES–(BUSINESS WIRE)–The Pet-Inclusive Housing Initiative, presented by the Michelson Found Animals Foundation and the Human Animal Bond Research Institute (HABRI), a leading advocate of pet inclusion in the multifamily housing industry, announced today that The Management Group (TMG) has seen a pronounced increase in rental renewals among pet owners since the elimination of breed and weight restrictions for dogs.
More than 80% of renters with pets have chosen to stay in their current accommodation, which is well above the national average of 50% that TMG expects from its properties.
TMG dropped its breed and weight restrictions in 2019, while embracing pet technology for screening and waste, increasing pet services and amenities, and creating a more animal-friendly atmosphere company, even inviting them for visits. TMG has seen the occupancy rate of units with pets increase from 40% to 70%, reinforcing the benefits of high turnover among pet owners.
“It’s been truly rewarding to not only claim we’re pet-friendly, but to provide truly actionable services and amenities that allow our residents and their pets to thrive,” said Jamin Harkness, Partner. and Executive Vice President of TMG. “I have no doubt that we will see restrictions on pets start to ease significantly over the next few years, and this is quickly becoming a sought-after competitive advantage.”
TMG’s success case goes in-depth with details on the Atlanta-based company’s journey to pet inclusion.
Consider that when a resident moves out, TMG typically faces around $1,200 in lost vacancy and $1,800 in turnover costs. The drop in these costs was significant enough that TMG waived pet rent in favor of the higher revenue renewals generated by focusing on an exceptional environment for pets. The absence of pet rent has strengthened TMG’s competitive advantage in the market, as most communities charge between $20 and $50 per month for each pet.
“Pets play an important role in the lives of families and individuals, and inclusivity creates a wealth of new opportunities for the multifamily industry and its communities,” said Judy Bellack, director of industry for Michelson. Found Animals.
Michelson Found Animals and the Human Animal Bond Research Institute surveyed a large national sample and found that including pets has many social and economic benefits.
“These results, and many others, clearly demonstrate that it makes good business sense for multifamily housing communities to be more inclusive,” said Brett Yates, CEO of the Michelson Found Animals Foundation. “Removing breed and weight restrictions goes beyond pet acceptance and is a big step towards pet inclusion.”
To further demonstrate the benefits of pet housing, the pet housing initiative will be exhibiting at this year’s NAA Apartmentalize conference in San Diego, June 23-24, in partnership with the San Diego Humane Society.
Experts and spokespersons will be at booth #2316 to discuss the benefits of providing pet housing, and will also offer a “kitten therapy” session for rental housing operators on Friday, June 24 from 11 a.m. at 12:30 p.m. For more info and to register CLICK HERE.
About Michelson Found Animals Foundation
Michelson Found Animals Foundation is a leading nonprofit animal welfare organization that believes people and pets are better together. Generously funded by Dr. Gary Michelson and Alya Michelson, Found Animals operates a range of social enterprises, impact investments, strategic partnerships and thought leadership initiatives that share a common goal: championing companion animals every point of their intersection with our society. Found Animals has helped over 5 million pets since its inception in 2005. Learn more at foundanimals.org.