Increase Renewals with Pet Inclusive Practices

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Increase Renewals with Pet Inclusive Practices

The COVID-19 pandemic created unprecedented challenges with lease renewals for the apartment industry. One of the lasting impacts will be the pausing of renewal rate increases.
Recent data from Entrata indicates that renewals have been on a trending decline. As of July 8, renewal have slowed to 44% down 14 percent year over year and 11 percent since May. 
With renewal rates declining, now is the time for apartment operators to look for new ways to deploy innovative renewal offers. One innovative technique forward-thinking operators are implementing is easing pet restrictions. 
On the surface, this change might seem minor. But, easing pet restrictions can have a big impact on demand for apartment housing. As more residents are looking for pets to give them company while spending more time at home, they’re also looking for pet-friendly housing for whatever pet they want to adopt.
According to research from the Pet Inclusive Housing Initiative, a research and resource development initiative that promotes access to the joy of pets, residents in pet-friendly units stay 21% longer versus non-pet friendly units. With the far-reaching impacts of the pandemic, more residents are submitting assistance animal accommodation requests for emotional support animals. By reducing pet restrictions, residents know the pet they adopt can live at the apartment without special designations. And most studies show they’re willing to pay pet deposits and rent. 
But reducing pet restrictions isn’t the only innovative way to leverage your pet-friendly community to improve renewal rates. There are several more:
Communicate Pet Policies 
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