Pets are Taking Over the Real Estate Market

Millennials are now one of the biggest contributors to real estate markets across the globe. This means their wants and needs are significantly driving supply and demand.

More and more adults are waiting until later in life to start a family, choosing instead to focus on travel or career opportunities. However, it isn’t uncommon for young adults to have a pet. In fact, the American Pet Products Association claims that 73% of American millennials own a pet.  A recent study indicated that one third of millennials buying a first home were influenced by their pet’s needs when making their decision.

For many pet owners (especially those who own a larger breed of dog), renting isn’t an option. Properties that allow pets are either expensive, too small or non-existent. This means buying is more attractive, but the home has to be just right.

Yard Space

In past years, it was popular for people to want a decent yard for their children to play in. People with a dog now more commonly desire the yard for a different reason. Similarly, they want the yard to be private and somewhat fenced in. For people with larger dogs that can easily jump a 3-foot fence, the higher the better.

Flooring

Understandably, both cat and dog owners prefer hard floors over carpeting. It makes clean-up easier. There is also a concern with soft or cheap floors because a pet’s claws could cause expensive damage.

Stairs

Single-level homes aren’t just appealing to the aging population. They are also great options for people with elderly pets who have trouble with stairs.

Research suggests that the millennial desire for smaller, single homes that suit a pet’s needs are causing prices of those homes to rise because there isn’t enough supply to meet the demand. Assuming a high percentage of apartments continue to enforce animal bans, the desire for single homes will likely continue to rise.

The desire to keep their pets happy isn’t a second thought for many young people. It is at the top of their priority list, putting some properties out of the running immediately. Their pets are seen as part of the family, so ensuring their pet’s comfort and happiness is equivalent to ensuring their own peace of mind.

See my professional website for more posts on the real estate market. 

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Technology in Real Estate

Despite being the single largest industry in the United States in terms of assets, the real estate sector has been surprisingly behind the times when it comes to the adoption of cutting-edge technology.

According to a recent article in Forbes, the real estate industry is at the same place now that many other industries were just getting to in the late ‘90s and early 2000s. Many of the largest real estate companies are using proprietary technology, which entails frequent updates, patches, and ever-expanding functionality, along with all of the known problems that those sorts of fixes bring.

At the same time, there has been little interest in adopting industry-standard platforms in almost all other sectors. This has led to terrible inefficiency, a sort of constant reinvention of the wheel as 20 different companies develop 20 different solutions to precisely the same problem without ever collaborating with each other or determining what an optimal solution might look like based on their collective experience.

All told, the real estate industry is behind the technological times.

Some innovations are showing big promise…

See my blog at JasonCohenPittsburgh.org for my full article.