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.