Whether or not to allow pets is a question that often plagues landlords when establishing terms and rules for their rental units. FIREPAW, Inc. decided to address this question by conducting a nationwide research study to determine if renting to tenants with animals is too costly and problem-ridden, or if it's economically viable and could even increase their profits.
One key hypothesis of the research study conducted by FIREPAW, Inc. was that there's a current shortage of pet-friendly rentals, which could be based on a misperception of landlords that renting to tenants with animals is more work than it's worth due to problems and expenses.
The study showed that renting to pet-owners could benefit the property owner just as much as the renter and their pet. It was discovered that rental units that allow pets are able to charge a premium between 20% and 30% of the average rent of the area. This typically, though not always, outweighs the potential costs of renters owning an animal. FIREPAW, Inc. found that pet-friendly housing will cost renters $222 more, on average, than non-pet-friendly units.
Less than 10% of rental housing reported allowing pets with no limitations on size or type of pet. With that in mind, it's not shocking that over 75% of pet owners noted that had a hard time finding a rental that allowed them to keep their pet. This in turn made renters less likely to move, which is great for vacancy rates. In fact, 10% of pet-friendly units were vacant, while 14% of rental units that didn't allow pets were vacant. The study found that renters in pet-friendly rentals, on average, stayed for 46 months. What about rentals that didn't allow pets? It was found that those tenants only stayed 18 months.
Overall, the results of the study found that it's in the best interest of landlords to permit rents to have pets in their units. If more pet-friendly housing was readily available, dog and cat relinquishment to shelters could be decreased and adoptions could increase. Lastly, it was noted that having pet-friendly rental units appears to be an overlooked opportunity for property owners to gain income in rent as well as increase tenant market size. Pet-friendly housing can be a winning situation for property owners, tenants, and animals.
To find out more information about pet-friendly rentals, find the study conducted by FIREPAW, Inc. here.
To learn why renters need pet insurance and the difference between renters insurance and pet healthcare insurance, check out this article from Bankrate. Their experts also explain what to do if you have a specific breed or situation that isn't covered.
The study showed that renting to pet-owners could benefit the property owner just as much as the renter and their pet. It was discovered that rental units that allow pets are able to charge a premium between 20% and 30% of the average rent of the area. This typically, though not always, outweighs the potential costs of renters owning an animal. FIREPAW, Inc. found that pet-friendly housing will cost renters $222 more, on average, than non-pet-friendly units.
Less than 10% of rental housing reported allowing pets with no limitations on size or type of pet. With that in mind, it's not shocking that over 75% of pet owners noted that had a hard time finding a rental that allowed them to keep their pet. This in turn made renters less likely to move, which is great for vacancy rates. In fact, 10% of pet-friendly units were vacant, while 14% of rental units that didn't allow pets were vacant. The study found that renters in pet-friendly rentals, on average, stayed for 46 months. What about rentals that didn't allow pets? It was found that those tenants only stayed 18 months.
Overall, the results of the study found that it's in the best interest of landlords to permit rents to have pets in their units. If more pet-friendly housing was readily available, dog and cat relinquishment to shelters could be decreased and adoptions could increase. Lastly, it was noted that having pet-friendly rental units appears to be an overlooked opportunity for property owners to gain income in rent as well as increase tenant market size. Pet-friendly housing can be a winning situation for property owners, tenants, and animals.
To find out more information about pet-friendly rentals, find the study conducted by FIREPAW, Inc. here.
To learn why renters need pet insurance and the difference between renters insurance and pet healthcare insurance, check out this article from Bankrate. Their experts also explain what to do if you have a specific breed or situation that isn't covered.
