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:
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.