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Millennials Focus on Dog-Friendly Properties When Renting - What This Could Mean for Your Real Estate Portfolio

Posted on in DuPage County Real Estate Attorney

Illinois real estate lawyersIf you want to win over the millennial generation and expand your real estate portfolio, it may be time to let your properties go to the dogs - literally. Recent surveys indicate that this generation is  not looking for design features or your typical amenities when deciding where to rent or buy. Instead, they are focused on finding a home that caters to their furry friends. Learn how you can better cater to this generation by adding more dog-friendly amenities, and discover how a seasoned real estate lawyer can help you to further expand your real estate portfolio to secure a better, healthier financial future. 

Real Estate Has Gone to the Dogs

The millennial generation has finally reached the age where they are not just renting, but also purchasing homes. The reason is not to start a family, however. Instead, millennials are looking to give their dogs the best life possible. In fact, one survey found that 33 percent of the millennials who purchased a home did so because of their pets, which outranked marriage (25 percent) and the possibility of a child (19 percent). Another 42 percent of millennials who do not yet own homes say they are planning to eventually purchase one to accommodate a dog.

Amenities for their pets, such as a fence or room to roam (such as at a nearby dog park) are also some of the biggest factors that millennials use to determine which home they will rent or buy. Millennials are also far more likely to purchase a home with “luxury” pet features, such as a dog washing station or a nearby, upscale dog park, than other generations. 

Winning Over the Millennial Generation in Real Estate

Dog-owning millennials have to think about more than just location and amenities when purchasing or renting a home. Homeowner associations (HOAs), renters’ and homeowners’ insurance restrictions, and other aspects of renting and home ownership can also limit where they live. As such, developers are highly encouraged to do more than just offer amenities to pet owners; understand what sort of policies that your potential buyers or renters might be facing and try to mitigate them whenever possible. For example, if your rental property’s insurance does not cover certain dog breeds, you might consider shopping around for other policies that are less restrictive so that you can open your home to more renters in the millennial generation. 

Contact Our Wheaton Real Estate Lawyers

Whether you are looking to purchase a new property, upgrade your existing one, or simply want to know more about expanding your portfolio so that it appeals more to the millennial generation, contact Stock, Carlson & Duff LLC for help. Committed to being the law firm you can trust, our DuPage County real estate lawyers have over 40 years of experience, and we will protect your interests at every turn. Call 630-665-2500 to schedule your consultation.

Sources:

https://www.cnbc.com/video/2018/08/31/millennials-and-dog-driven-real-estate.html

https://www.nbcnews.com/business/real-estate/one-big-reason-millennials-are-buying-homes-their-dogs-n790921

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