Residents Want Pets And So Should You | HD Supply

Residents Want Pets And So Should You

Did you know nearly 57 percent of all U.S. households¹ own a pet? Animal lovers are always looking for properties that accept pets; however, only about 50% of rental units are pet friendly.² Make your property stand out by welcoming pets.

Increase Revenue And Resident Retention

Accepting pets can help boost bottom-line profits. A study from FirePaw, Inc.² indicates residents with pets tend to stay longer and renew their leases more often than residents without pets. The study also shows that pet-friendly housing receives about twice as many applicants for a vacant unit as other housing. This saves you money and time through reduced marketing costs and faster turns.

As a group, property managers typically find pet owners to be:

  • Responsible and compliant residents
  • Willing to pay higher rent/fees
  • Open to signing more lease renewals
  • Eager to resolve any pet issues

Still Not Convinced? Consider These Facts.

The study referenced above found:

  • Most pet-friendly complexes charge a separate pet deposit to offset costs
  • Residents with pets stay an average of 46 months, compared with 18 months for residents in units where pets are prohibited
  • Less than half of landlords receive complaints about a resident's pet
  • Average time to market and rent a pet-friendly unit is 19 days*
    *Compared with to 29 days for units that don't allow pets

Instead Of Just Accepting Pets, Make Them Feel Welcome

Be a pet-friendly property and offer amenities that help keep your grounds clean and safe for all residents while making pets and their owners happy. Here are some things you can do:

  • Add Fido House® bag dispenser kits and Fido Baggies® pet waste bags at strategic places around your grounds to encourage residents to pick up after their pets
  • Install a bark park or pet playground where dogs can play and exercise
  • Create pet walking trails
  • Ask for pet references and vet documentation to make sure the animals you allow on your property are healthy, safe, and well cared for

Remember, responsible pet owners are generally responsible residents that can help you grow revenue. Pet-loving residents are often willing to pay more in rent and fees and that can help you reduce marketing and turns costs because these residents usually stay in their units longer.

Sources:

¹https://www.avma.org/News/PressRoom/Pages/AVMA-releases-latest-stats-on-pet-ownership-and-veterinary-care.aspx
²https://www.petfinder.com/dogs/living-with-your-dog/pet-friendly-housing-study/

Being A Pet-Friendly Property Can Pay Off