- Up to 73% of Millennials are reported to own a pet (source: American Pet Products Association).
- An estimated 89% of Millennials that made their first home purchase within the last 12 months are already pet owners (source: Realtor.com).
- Nearly 79% of home buyers with a pet said they will give up a perfect home if it does not meet their pets needs (source: Realtor.com).
Millennials devotion to their pets means they are given great significance when it comes to picking a new home. Many high-end landlords have started to assist with this trend by catering for pets. For instance, apartments may now include a pet salon off the lobby or a dog run on a tower roof. They are the type of features the Millennials are expecting to see when looking a buy a new home.
According to the American Pet Products Association, an estimated 73% of Millennials own a pet. This is a significant percentage for this demographic and estimates are even higher for home buyers. Nearly 89% of Millennials who invested in a property are believed to own pet so far this year (source: Realtor.com).
Many Millennials are leaving it later in life to start a family, but still want the company and something to take care of while on their own. Condo living isn’t always appropriate for pets. They are very convenient, but seem to miss out on keeping a dog happy.
It appears that a major Millennial priority seems to be keeping their pets safe and happy. An estimated 79% of Millennials that invested in a new home this year said that they wouldn’t complete if the home wasn’t able to match the specific needs of their pets.
High on the shopping list for Millennials is the ability to have a spacious outdoor space, such as a backyard, that gives plenty of room for the cats and dogs to play. Alternatively, a dog-friendly park must be within a short distance from home.
Additionally, for the cat lovers, it is essential to find an appropriate plate for the little box. This is certain to be a major decision for any condo or house.
Homes with stairs can be an issue for older pets. The affluent buyer will want the mud room to include a dog grooming station. Also, the home located within a short distance from pet supply stores or pet-friendly restaurants can be very helpful.
As soon as the Millennials buy their first home, many will invest in a variety of upgrades to improve the safety and comfort of their pets. A typical change is to install a higher boundary fence to prevent their dog escaping or other pets entering. Other upgrades include a bathroom/shower area and a modern pet-friendly door.
Adding in the extra bathroom area is useful to keep things separate and helps to avoid a lot of cleaning up that comes with washing the pet in the bath.
Also, there are those first-time home owners that want to invest in a pet-friendly property that has the required amenities before actually buying the preferred pet.