Pet Policies (changes in new environment)

[Tj Hock]

Hi Everyone - 

I just wanted to share what I learned. At Rentwell Property Management we just launched petscreening.com (which is amazing). Using their service we just launched a new guarantee where we will cover pet damage in exchange for keeping the pet rent. We put the pets through a background check. 

I interviewed one of the C-Level Executives at PetScreening.com for our podcast and here was some of the interesting data, which I've abbreviated to make it easy reading. Enjoy

26% of tenants purchased pets during the pandemic
Only 40% of service animals actual meet HUD Guidelines
11% of residents have pets even if they aren’t allowed
41% of millennial and gen z move out because of pets not being allowed

Performance Stats
1. 72% of renters are looking for pets
2. Pets is #2 search criteria right after budget
3. Decrease days on market average of 10 days (83% of pm firms said they could rent faster)
4. Base rent increase of 10-15%
5. On average residents with pets stay an average of 21% longer (18-48 months)