Zeitgeist - Sign of the Times
New Study Outlines Benefits of Pet-Friendly Apartments
The “Pet-Inclusive Housing Initiative Report,” published by the Michaelson Found Animal Foundation and the Human Animal Bond Research Institute quantifies some of the benefits of pet-friendly communities. The key takeaways include:
- Residents in pet-friendly housing are more satisfied and remain in the housing 21% longer than those in properties which do not allow pets.
- Pet-friendly housing fills a market need – 72% of residents reported difficulties in finding pet-friendly housing.
- 83% of owners and operators reported that pet-friendly vacancies are filled faster.
- Properties without pet-friendly policies cause dissatisfaction with residents, 35% of whom say they would get a pet if their landlord allowed it.
The data confirms what many landlords know: that pet-friendly apartments see less turnover (reducing costs) and often have more stable, happier residents. Pet rent – the standard monthly fee that landlords charge their tenants for each pet – can also meaningfully increase an apartment’s ancillary income. The report also outlined the protections landlords can put in place, including a screening process that focuses on lower-risk and more well-behaved breeds and deposit structures which can protect landlords from pet damage.
(Editor’s Note: Pathfinder has long-been an advocate of pet-friendly communities and all our apartment properties allow pets with varying restrictions on breed, size and number. We’re also big advocates of the “Bark Park” – a great place for residents to socialize while Fluffy gets her exercise – “Yappy Hours”, where residents and their pets can socialize and community-wide pet contests with prizes.)
Material and Labor Shortages Exacerbate the Housing Crisis
Since the start of the Covid-19 pandemic, the National Multifamily Housing Council (NMHC) has been surveying leading multifamily construction firms to help the industry gauge disruptions and track market conditions. In a survey conducted between August and September 2021, a record 98% of respondents said they have been impacted by a lack of building materials to make necessary repairs and 100% reported price increases on materials.
Furthermore, 88% of respondents reported difficulties finding labor and 54% responded that labor was difficult to find even after increasing wages. Of the firms that raised compensation to attract or retain laborers, the average reported increase was 12%.
The increases in material and labor costs (coupled with long-standing challenges in obtaining entitlements) has further hindered the ability of developers to deliver new and affordable housing to meet demand. According to Doug Bibby, NMHC president, “today’s data underlines the deep challenges that developers continue to face almost a year and a half after the onset of the pandemic.” Bibby further states that, “Steps must be taken to increase the supply of labor across the country and bring material costs back to reasonable levels.”
There is light at the end of the tunnel as the ripple effect from the extended unemployment benefits is expected to wane and begin to move labor levels back towards equilibrium. There are an estimated 500,000 shipping containers waiting off ports in Los Angeles and Long Beach due to shortages in truck drivers and dock laborers, among other factors. Hopefully, a resolution of the labor shortage can partly alleviate these material delays.
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