Deciding whether or not to allow pets in your rental property isn’t an easy choice, and it comes with many considerations. While service animals (along with the proper paperwork) are always allowed in rentals, it’s up to you to decide whether you want your tenant bringing along their pet cat, dog, hamster, or beta fish.
It might come as a surprise, but research shows that allowing pets in your rental property actually benefits you as a landlord. If you’re on the fence about whether or not to allow pets, here are four research-backed reasons to say yes to your tenants’ furry friends.
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1. Allowing pets in your rental property makes your home more desirable
Three-fourths of people in their 30s own a dog and more than 50% own a cat. That means more people are looking for pet-friendly housing than are not. As a landlord, you have the opportunity to make your property desirable by allowing tenants to bring their pets. Making your property pet-friendly will play a role in how you set your rental price and give you an edge over your pet-prohibiting competitors. In fact, a study conducted by FIREPAW, Inc (Foundation for Interdisciplinary Research and Education Promoting Animal Welfare) found that pet-friendly apartments rented out within 19 days compared to non-pet-friendly apartments which took 29 days to rent.
2. You’ll attract long-term tenants
Between looking for qualified tenants and getting the unit ready for the next renter, having short-term tenants can cause you stress and lose you money. Luckily, if you allow pets in your rental property, your tenant will remain in the unit longer than if you didn’t allow pets. The FIREPAW study showed that renters stayed in pet-friendly units for an average of 46 months, while tenants in rental properties prohibiting pets stayed only 18 months. If you’re looking for consistent, long-term tenants, allowing them to bring their pets is the way to go.
3. Allowing pets can lead to low vacancy rates
In addition to keeping tenants in your property longer, pet-friendly rentals help landlords rent their property faster. The FIREPAW study found that pet-friendly rental properties had significantly lower vacancy rates–just 10%–compared to rentals that did not allow pets, which had 14% vacancy rates. And we all know that the longer your property remains vacant, the more money you’re losing.
4. Pet deposits and rent premiums
Allowing pets in your property is a great way for you to earn even more money from your rental. Pet-friendly apartments and homes can be rented out for a higher price, between 20-30% more, on average, than pet-prohibiting units, the FIREPAW study found. This means you’ll be adding extra cash to your pockets without doing much of anything. In addition, charging pet deposits and fees is also an option.
- A pet deposit is a refundable fee the tenant pays to cover any pet-related damages. Pet deposits can range in price depending on state laws, but they average somewhere between 40% and 85% of the rent.
- A pet fee is a one-time fee paid by the tenant and does not need to be refunded to the renter. Be sure to communicate this before move-in so the tenant does not expect to receive any of this money back upon move-out.
Although it’s a completely optional amenity to offer, allowing pets also benefits you as the landlord or property manager. Not only will you stand out in the rental market, you’ll be able to charge a premium rent, tack on a pet deposit or fee, and retain long-term tenants. Consider allowing pets in your rental property and it can earn you more money while still remaining desirable to tenants.
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