The management group realizes significant increase in apartment rental renewals after eliminating pet restrictions

Los angeles--(business wire)--the pet-inclusive housing initiative, presented by michelson found animals foundation and the human animal bond research institute (habri), a leading advocate for pet inclusiveness in the multifamily housing industry, today announced the management group (tmg) has experienced a pronounced increase in rental renewals among pet owners since eliminating breed and weight restrictions on dogs. more than 80% of renters with pets chose to stay in their current homes, which is far above the national average of 50% that tmg expects at its properties. tmg dropped its breed and weight restrictions in 2019, while also adopting pet technology for screening and waste, increasing pet services and amenities, and creating a more welcoming atmosphere for pets, even inviting them on tours. tmg has seen the occupancy of units with pets jump to 70% from 40%, furthering the benefits of high renewal among pet owners. “it's been really rewarding not only to claim that we're pet-inclusive but to provide genuinely actionable services and amenities that enable our residents and their pets to thrive,” said jamin harkness, partner and executive vice president of tmg. “i have no doubt we’ll see pet restrictions start easing in a big way over the next few years, and it's quickly becoming a sought-after competitive advantage.” the case study of tmg’s success goes in depth with details about the atlanta-based company’s journey toward pet-inclusivity. consider that when a resident moves out, tmg typically faces about $1,200 in vacancy loss and $1,800 in turnover costs. the drop in these costs was considerable enough for tmg to forgo pet rent in favor of the higher revenue renewals generated by focusing on an exceptional pet environment. the absence of pet rent extended tmg’s competitive advantage in the marketplace, as most communities charge between $20 - $50 per month for each pet. “pets play an important role in the lives of families and individuals, and inclusiveness creates a wealth of new opportunities for the multifamily industry and its communities,” said judy bellack, industry principal for michelson found animals. michelson found animals and the human animal bond research institute surveyed a large national sample and found there are many social and economic benefits to pet-inclusivity. “these results, and many others, clearly demonstrate that it makes good business sense for multifamily housing communities to be more inclusive,” said brett yates, the ceo of michelson found animals foundation. “removing breed and weight restrictions goes beyond being pet-friendly, and is a big step toward being pet-inclusive.” to further demonstrate the benefits of pet-inclusive housing, the pet-inclusive housing initiative will be at this year’s naa apartmentalize conference in san diego, june 23-24, in partnership with san diego humane society. experts and spokespets will be at booth #2316 to discuss the benefits of offering pet-inclusive housing, and will also offer a “kitten therapy” session for rental housing operators on friday june 24 from 11-12:30. for more info and to sign up click here. about michelson found animals foundation michelson found animals foundation is a leading animal welfare non-profit 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: to champion pets at every point they intersect with our society. found animals has helped more than 5 million pets since it was founded in 2005. learn more at foundanimals.org.
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