Multifamily Buildings May be “Missing” Millions of Pets

Approximately two-thirds of US households own a pet, but the exact number of pets in multifamily buildings is unknown. While apartment buildings, especially in the higher end of the market, have become increasingly pet-friendly, some renters wishing to evade a building’s pet policy or pet rent will keep the animal’s presence a secret. The result is foregone revenue for the building.

There could be millions of “missing pets,” those that are statistically likely to be present yet unaccounted for within a lease. The math is simple yet striking. While researchers estimate 66% of all households own a pet, estimates drop to 58% of all renters. If in actuality, renters live with animals at the same rate as the national average, that equates to an additional 3.6 million pets in rental housing. And there could be many more.

Enter PetComply.ai, the latest product from Camber Creek portfolio company PetScreening. PetComply.ai, which is available free of charge to PetScreening users, allows rental housing operators to maximize compliance with pet policies across their communities and portfolios. The solution automatically identifies pet compliance red flags and engages the offending residents with personalized education and compliance prompts. PetScreening then provides property managers with actionable visibility on compliance status and strategies to accelerate the goal of achieving a 100% compliance rate with pet policies.

In a recent 60-day case study including four of the National Multifamily Housing Council’s Top 50 multifamily property management companies, PetComply.ai was responsible for identifying and prompting approximately 3,600 pet owners to come forward and voluntarily declare previously unregistered and unknown pets. In PetScreening’s estimation, 100-percent pet policy compliance could mean billions of dollars more for building owners.

Photo by Andrew S on Unsplash