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[Radix @RadixCRE]

The true cost of pet-friendly living

Of all the fee categories in the modern stack, pet fees combine the most complexity, and the most scrutiny.

Not because they're the largest, but because linking them directly to actual costs can be structurally challenging.

Some states are already acting on this. Colorado's HB23-1068 caps pet security deposits at $300 (refundable), and monthly pet rent at $35/month or 1.5% of rent, whichever is less.

After analyzing 1,408 rental properties, we found the average pet-owning renter pays three separate charges:

- a one-time pet fee ($308)
- a refundable pet deposit ($301)
- a monthly pet rent ($426 annualized)

Year one total: $1,035 on top of monthly rent.

The rationale exists, since pets cause damage and turnover costs more. But the fee ranges have drifted:

1. Pet fees vary widely across properties: we found a coefficient of variation of 99%, meaning the range of what properties charge is enormous relative to the average. Fees tied more closely to actual cost are far more defensible.

2. Pet deposits are rarely fully refundable: the refundable/non-refundable line is routinely blurred at move-out, consumed by cleaning and damage charges.

3. Pet rent needs a more direct tie to property upkeep costs. The FTC has specifically flagged recurring fees with no clear cost basis.

High prevalence + high dispersion + ambiguous refundability + weak link to cost. That's the profile drawing the most regulatory attention in the current rulemaking.

📖 Read the Radix Fee & Deposit Industry Report → https://t.co/76VPhwctHB

Steps Owners & Operators can take today:
Audit your pet-fee stack against actual turnover-cost data: justify each of the three charges (one-time fee, deposit, monthly rent) with a documented cost basis, make the refundable deposit truly refundable with clear deduction rules, and reconsider monthly pet rent — it carries the weakest cost link and the highest regulatory exposure.

[Radix @RadixCRE]

There are two numbers to every apartment rental.

The monthly rent advertised on the listing, and the additional costs a renter has to pay on top of first month's rent just to get the keys.

After analyzing 1,408 rental properties, we found the average move-in costs (excluding the first month's rent) to be:

- Without a pet: $696.
- With a pet: $1,306.

We call this the 'move-in cliff.'

The $696 is three charges: application fee, administrative fee, security deposit. Each is reasonable on their own, but together they add up to more than 38% of a month's rent, owed at lease signing.

The pet premium is an extra $610. An extra 72%.

But the dollars aren't the real issue. It's when and how the move-in cliff is disclosed.

Because most renters don't see this number until they go to sign their lease. After the tour, after the application, and after they've already decided.

By then, walking away feels impossible.

The gap between what's advertised and what's owed at signing is exactly what the FTC's January 2026 rulemaking is focused on. Disclosure timing, not just dollar amounts, is where the industry's exposure lives.

🔗Read the Radix Fees & Deposit 2026 Report →https://t.co/76VPhwctHB

[Radix @RadixCRE]

The U.S. multifamily market held its ground to open June, with occupancy ticking up slightly on the week even as annual rent growth stayed in negative territory and leasing velocity continues to run behind last year.

National occupancy reached 94.24% as of June 7, up 2 basis points week over week, while annual Net Effective Rent growth remained at -2.4% year over year. With leasing demand still catching up to supply, operators are holding occupancy steady but giving back on pricing to do it.

U.S. Multifamily Stats for the week of June 7:
Occupancy: 94.24%
Annual NER growth: -2.4%
RevPAU: $1,650 (-2.6% YoY)

📖 Read the latest report:
https://t.co/3p2qX9I03O

[Radix @RadixCRE]

We analyzed 1,408 properties and found 639 different fee types.

That's 639 distinct charges, after collapsing the duplicates, like "Late fee" and "Late Rent Fee" into one.

Here's what makes that number worth paying attention to:

We found that 10 of those 639 fee types account for 53% of all fees charged to renters. The other 47%? It's a mash-up from the remaining 629.

Most operators didn't design this complexity. It accumulated through acquisitions, one-off decisions, and years of "we've always done it that way." That's a natural consequence of how portfolios grow.

But regulators don't see inherited complexity, they see 639 intentional choices.

🔗 Read the Radix Fee & Deposit 2026 Report → https://t.co/76VPhwctHB

[Radix @RadixCRE]

U.S. multifamily occupancy hit 94.22% this week. Annual rent growth was -2.4%. Full breakdown in this week's report. https://t.co/hmWIelamWn

[Radix @RadixCRE]

As of the latest week, U.S. multifamily occupancy held at 94.20%, while annual net effective rent growth declined 2.5% as concessions continued pressuring realized revenue.
https://t.co/wGBjykowmC

[Radix @RadixCRE]

The U.S. occupancy rate for multifamily was 93.99% last week. Annual rent growth was 0.1%. See more in this week's report. https://t.co/NFN63W4Jov

[Radix @RadixCRE]

More information: https://t.co/ciLanHPqVp

[Radix @RadixCRE]

This Thursday 1/22 at 12:30 PM MST, Jay Denton, Chief Economist at Radix, will speak at EconXchange 2026 hosted by @aamdhq about the 2026 Multifamily Outlook for Denver. After a challenging 2025, what's next for rents, concessions & occupancy?

[Radix @RadixCRE]

As of the latest week, multifamily rents in the U.S. were up 1.2% and the average occupancy rate was 92.8%. https://t.co/OQDSYhcuta

[Radix @RadixCRE]

U.S. multifamily performance remained steady, though modest, while economic headlines were fairly gloomy with near-record low consumer sentiment and job losses. https://t.co/pbMFpuHAGg

[Radix @RadixCRE]

The Radix team is getting ready for #OPTECH 2025 in Las Vegas.

Come visit us at booth 551!

Do you miss having high-quality comp and market data?

See how we are creating a superior, public-first market intelligence solution with RealRents + Radix Analytics.

[Radix @RadixCRE]

Based on a report from the National Association of Realtors, the median age for first-time home buyers is now 40 years, the highest on record. Rental housing is now capturing adults for an extra decade of their lives compared to previous norms. https://t.co/EEeD2mUgSb

[Radix @RadixCRE]

The U.S. multifamily occupancy rate continued its seasonal decline, dropping just below 93% last week. Annual rent growth was 0.8% at the national level. https://t.co/2cY2J8LWIY

[Radix @RadixCRE]

Multifamily performance remained steady at the beginning of Q4, despite broader economic challenges. For last week, U.S. annual rent growth was 0.9% and the occupancy rate was 93.0%. https://t.co/lUEuOeNc5O

[Radix @RadixCRE]

Multifamily supply might be lower in your market in 2026, but job growth could be as well. Check out this week’s report for a summary of what top economists are forecasting for next year.
https://t.co/nZfPA6iciI

[Radix @RadixCRE]

This week's multifamily RAOT report, from Radix Chief Economist Jay Denton, is here! U.S. annual effective rent growth was 0.7% and the occupancy rate was 93.2%. See why next year's outlook is becoming more conservative. https://t.co/P4jbLNt5BN

[Radix @RadixCRE]

Read this week's RAOT: https://t.co/ltM992J4EU

[Radix @RadixCRE]

This week’s Radix RAOT report from Chief Economist Jay Denton is live: rent growth is slipping, occupancy starts 2026 lower in many markets, and massive job growth revisions arrive just before the Fed’s big rate decision.