Landlords and Pets

 

In 2019, more and more young couples are opting for pets over children. These same young couples are also opting to rent over own. There’s a discrepancy though in the number of landlords willing to rent to tenants with pets, and the number of renters looking to find a home that accommodates their furbaby. Research shows that landlords should be more open to renting to tenants with pets, and below we’ve broken down why.

 

 

 

You’re more desirable

 

Did you know that 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. By opening your rental property to tenants with pets, you are opening yourself up to an entire range of people you weren’t originally appealing to. This means you’ll have more tenants to choose from (so that you can find the correct one) and your place won’t be on the market as long. 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. 

 

 

 

Tenants with Pets Stay Longer

 

The task of finding qualified tenants and getting the unit ready for the next renter is never easy. The shorter a tenant stays, the more often you have to go through the long, draining process (and with lapse in rent and cost of cleaners, you’re losing money with each new tenant.) According to the FIREPAW study though, renters stayed in pet-friendly units for an average of 46 months, while tenants in rental properties prohibiting pets stayed only 18 months. The study proved that if you are looking for consistent, long-term tenants, allowing them to bring their pets is the way to go.

 

 

 

 

 

People with Pets Aren’t Afraid to Pay a Little More

 

According to the FIREPAW study, pet-friendly apartments and homes can be rented out for a higher price, between 20-30% more, on average. This is likely because people moving with pets are aware of the challenges they face while renting with a pet, and are willing to spend a little bit more to live in a desirable area where finding pet friendly space is difficult.

 

 

 

In addition to higher rent, you can also charge pet deposits and monthly fees. Landlords commonly charge a refundable pet deposit, in case the pet ruin anything in the unit, as well as monthly non-refundable fees for having a pet in the space.