A recent survey performed by Apartments.com discovered that as of 2014 72% of renters have pets. This is up almost 30% from 2 years previous. So those landlord wanting to make their rental more desirable and open it to a larger market, might want to consider making your property pet-friendly.
Offering pet-friendly rentals not only allows for the property to be exposed to a larger rental market. Renters with pets tend to stay longer in their rentals, especially as pet-friendly rentals can be harder to come by. Also, if no rentals in your area are currently pet-friendly, a smart landlord could get a higher rent for offering a pet-friendly rental.
Consider a rental market with plenty of rental properties but nothing is pet-friendly. A landlord who is willing to offer a pet-negotiable rental, that landlord could add, for example, a $200 dollar premium on their rental. This would work out to be an additional $2400/year in rent and who doesn’t like extra money?
Pet owners tend to be more responsible, as they have proven that they are responsible enough to care for an animal and this means they are more likely to treat your property with respect. Also, pet owners have been known to make more money than those renters without pets, so they are likely to be able to cover the higher rent and the pet security deposit. However, this is only a trend and credit checks should always be performed to best protect your rental investment.
The same apartment.com survey showed that 75% of renters without pets enjoy living in a pet-friendly building. So, for any landlords that may fear losing current tenants when they make the change to being pet-friendly, it’s fair more likely to be a positive change for the entire rental property.
Also by advertising a rental property as pet negotiable, it allows for the landlord to have control over the pet as the landlord is able to meet, interview and approve the pet during the tenant screening process with the same scrutiny they would have for the tenant. Also, listing as pet-friendly make is far more likely that a tenant will be open with you about their pets and less likely that the tenant will sneak unapproved pets into the property.
If you are considering becoming a pet-friendly landlord, it is smart to make sure that you include a pet policy in the lease agreement. Making sure to cover pet security deposit, preference for how/where to dispose of cat litter etc, and that regular inspection will be performed to ensure the pet isn’t doing additional damage to the property.
Check out these links for more on Renting to Pet Owners: