Do pet owners tend to stay longer?

Question

A great deal has been said in other forum discussions about the pros and cons of allowing pets. I have newly renovated 1920's home that has freshly  sealed hardwood floors.  (no carpet at all)  I had planned to NOT allow pets but after getting so many requests and applications from self proclaimed "responsible" pet owners with "well behaved" pets, I am wondering if I should reconsider.  I have read that some owners believe that tenants with pets tend to stay longer and I am wondering if that is indeed the case?  Is the less frequent turnover along with the additional amount charged for pets and the non-refundable pet "fee" worth allowing pets?

Bill Gulley · Answer

You know, I think that would be an interesting study, I bet those paying above median rents probably do stay longer. We allowed small pets in our public housing, but that isn't a good standard to estimate that since turn over is very low.

I don't care or like the approach of any "non-refundable deposit" first, it's not a deposit it's a fee and in my experience saying the fee was actually earned wouldn't be true as I've had cats and dogs without any issue with responsible pet owners. I've had large dogs too, Lab's, Shepard's  one had a Doberman, no issues. Then I had one with kittens from H3ll too and replaced carpet.

But damage is damage, tenants should be screened well enough to be responsible and pay for any damage. Wear and tear is a cost of doing business, that's what rent is for. :)

James Wise · Answer

I personally have had good luck allowing pets. We try to avoid carpet wherever possible. We either seal the original hardwood or install that alure vinyl flooring. I make the pet fee non refundable and have found that the regular deposit being refundable seems to be incentive enough.

Jon Klaus · Answer

I would have thought pet owners stay longer, but that has not been my experience.  Its about the same.  I have a monthly charge per pet, so it can be a money maker. I've also had substantial pet damage, so really my pet fees are just a hedge.

Jon Klaus · Answer

I agree, Aly.  I'd want to make the pet deposits refundable to give the tenants more incentive to prevent and fix damage. Also a non-refundable deposit and monthly fee, along with security deposit and prepaid rent, amounts to a high barrier for potential tenants.

Elizabeth Colegrove · Answer

I personally love pet owners. I cannot tell you if they stay longer  because my entire clientele are pet owners. I do charge 1/2 a months  refundable security deposit per pet or $25 non refundable pet fee. This  is in addition to the security deposit, one months rent.  I have a  general rule of  2 animals.

I give people a choice on which one  they want. I also tell them that the extra fees for the pets are their  "skin in the game". That while Missy our cat, is our child. That a pets  distruction is usually based directly on their owner. Therefore this is  our "protection". I have no far not had any issues.

So far (knock on wood) the deposits have been able to cover any damages so far.

For  me the money maker is on the fact that it keeps my 100% occupied. I  have also noticed that the carpet last longer. No one wants new carpets  when they have pets :)

Rick Baggenstoss · Answer

I collect a $400 pet fee.  I like the idea of an additional monthly amount for pets.  Almost all of my tenants have a cat or a dog ... only once had the urine issue.  Seems like pet fees are a risk pool... for every 10 that are good, one is BAD.

It's hard to say whether tenants stay longer because of the pet.  Tenants with pets seem to be more mature, stable, but that's only true in my particular (urban professional) market.  I'm sure in others, this might not be a predictor at all.

Rick

Aly W. · Answer

@Jon Klaus, I feel the same way about the extra fees and move-in costs. For the condos we own in FL, it's very expensive to move in, because the associations charge an application fee (we don't), plus fees for common area keys, parking sticker or gate transponder, and now they're also charging their own security deposit for any damage to common areas. The move-in costs can easily exceed $5K.

And what if the pet damage is more than the pet deposit? Can the tenant's regular security deposit be used if the damage was caused only by the pet? If a cat destroys the carpet in both bedrooms, and the pet deposit of $300 can only cover the replacement of the carpet in one bedroom, can the tenant's regular deposit be used to cover the other one?

Jeff Rabinowitz · Answer

I don't usually charge a pet deposit.   Instead, I raise the rent $25-50 per head.  I collect a security deposit of 1.5 times the adjusted rent.  When the tenant stays multiple years the added rent usually provides a good return.  A portion of the security deposit is usually retained at the end of the lease for cleaning and my pet owners have never challenged that.

Jeff Rabinowitz · Answer

I concur with Jon.  Many of my pet owners renew leases but many of my non-pet owners do also so it is difficult to judge if one group stays longer.  The additional rent almost always is more than the damages;  however, when there is damage the expense can be significant.  The worst one I had was a 2 cat family.  They stayed for a couple years--the urine smell was intense when they vacated.  We used enzymatic cleaners (had to coat most of the basement because we couldn't locate the source--it was everywhere) and got it under control but lost more than a month's rent dealing with the odor.

Aly W. · Answer

I'm curious if the nonrefundable pet fee would encourage pet owners *not* to bother cleaning up after their pets, knowing they won't be getting the fee back anyway. I do have several pets in my rentals, and charged an additional pet deposit - incentive, hopefully, that they'll continue to take care of any pet messes. I have not yet added additional monthly rent but will consider that going forward.

And I have not found any evidence that pet owners stay longer than others. Maybe if the pet were a large aggressive breed, as defined by insurance companies, and the tenant had fewer choices in rentals.

Do pet owners tend to stay longer?

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