Why you SHOULD allow animals
This is probably the best study I've found on the benefits of renting to pet owners. Too many Landlords believe pets cause too many problems and result in a loss of revenue. This study found the opposite to be true. Based on my personal experience with approximately 10,000 leases, I can verify animals are a money-making machine, not a detriment to your business.
I hope you actually take 10 minutes to read the article because it has some great information. For those that can't find the time, here are some key findings:
- Approximately 50% of housing studied was pet-friendly to some degree. Only 9% allowed animals without restriction, half allowed cats, and 11% allowed large dogs.
- 82% of renters reported problems finding housing that would accept their pet.
- Pet-friendly rentals earned about 20% more in rent.
- Annual net benefit to the Landlord was $2,949.
- Tenants with animals stayed 3x longer.
- Vacancy was shorter and marketing costs were lower for pet-friendly rentals.
- The average damage reported by each Landlord was $430
- Pet owners did not cause more damage than Tenants without pets, whereas Tenants with children averaged $150 more in damages
- 20% of the tenants surveyed admitted to keeping an animal illegally
- Proper screening significantly reduced the risk. Only 3.7% of the Landlords required pet references, only 7.4% required a pet resume, 11% required health records, and only 18.5% required Tenants sign a pet agreement.
The bottom line: renters with animals are no more dangerous to your property (on average) than renters without animals. The increase in damages is negligible and the financial benefits are absolutely staggering.
The best thing you can do as a Landlord is:
- educate yourself on how to screen animals properly
- develop rules and be prepared to enforce them
- charge reasonable fee for the benefit of allowing animals.
You'll rent places quicker and easier, you'll make more money, and your tenants will stay longer.
Landlords, join the conversation:
- Does your personal experience match the findings?
- How do you screen animals?
- Do you charge for animals? Deposit, fees, or rent? Or all three?
- Do pet owners leave more damage or cause more problems than people without pets?
- Do pet owners stay longer?
- What's the biggest difficulty you have with animals?
