Should You Allow Pets in Your Rental Property?
As a property owner, you may often wonder whether to allow pets in your rental units. Our answer is always a resounding YES! Here's why we recommend this strategy and how you can mitigate potential risks.
Wider Tenant Pool and Faster Occupancy
Several studies indicate that up to 70% of renters own pets, primarily dogs and cats. Accepting pets can cast a wider net and fill vacancies faster. Excluding households with pets cuts off a large pool of responsible renters. Pet owners often view their rentals as homes, not just temporary spaces, and tend to stay long-term, providing stability and reducing turnover.
Increased Pet Ownership During COVID-19
COVID-19 significantly accelerated pet ownership as people sought companionship during lockdowns. A 2021 study showed a 21% increase in pet ownership among renters. Ignoring this trend means potentially missing out on a substantial market segment.
Mitigating Risks Associated with Pets
While potential drawbacks like pet damage and noise complaints exist, we have effective measures to minimize these risks:
PetScreening.com: This third-party partner is our exclusive pet and Emotional Support Animal (ESA) screening company. At no cost to you, PetScreening.com assesses all pets and ESAs, providing a "PAW score" – a pet risk rating system based on the animal’s history and veterinary visits. This assessment ensures the animal is vaccinated and properly licensed. High-risk pets can be denied or required to pay a higher pet deposit.
Pet Deposit: We require deposits ranging from $350 to $500 (or more in certain situations).
Real-World Experience
I have been accepting all pets, even aggressive breed dogs, in my rentals for years, and I’ve secured premium rental rates as a result. More owners are catching on, and accepting pets has become a competitive advantage.
Pet-Friendly Cities and Market Trends
Zillow and the dog-centric company BARK conducted a study to find the most dog-obsessed city for renters. Dallas, TX, ranked #1, with 79% of DFW rental listings designated dog-friendly. This trend highlights the growing demand for pet-friendly rentals.
Your Choice
Ultimately, the decision to allow pets is yours. We can lease any property regardless of the pet policy. We'd love to hear from you if you have questions about pets, property management, etc. Your feedback and inquiries are always welcome!
