Research Shows Pet-Friendly Rentals May Be More Profitable
By Kelly Leighton | March 3, 2020 | 2 min. read
No pets allowed?
Property managers may want to rethink their pet policies, if possible. Research shows it could benefit the property owner as much as the renter. FIREPAW, Inc. found that rental units that allow pets are able to charge a premium between 20% and 30% of the average rent of the area, which typically (but not always) outweighs the potential costs of having an animal in the unit. The report found that pet-friendly housing charged $222 more, on average, than non-pet-friendly units.
Eighty-two percent of pet owners said they had a difficult time finding a rental that would allow them to keep their pet, which is not surprising, considering less than 10% of rental housing reported allowing pets with no limitations on size or type. So, once they find a living situation that allows them to keep their companion, they are less likely to move. FIREPAW, Inc. found that renters in pet-friendly rentals stayed, on average, for 46 months, compared to just 18 months for rentals that did not allow pets.
Additionally, vacancy rates among pet-friendly rentals was found to be lower. Ten percent of pet-friendly rentals were vacant, compared to 14% of rental units that did not allow pets.
Of course, there are concerns about having pets in a property, and landlords reported that damage was their greatest concern about allowing pets in rentals. On average, landlords that reported damage said it cost $430. However, the report also found that damage was caused to all rental units by most tenants, regardless if they had a pet, and was generally covered by the security deposit.
Noise is also an issue concerning landlords, they said, however, only about one-third said there were noise issues. Fifteen percent said they had no issues from allowing pets.
Topicspets rental properties
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