Have you considered making your community pet-friendly? If not, you could be missing out on a large portion of the multifamily market. Recent multifamily data shows that more and more renters own pets and are looking for pet-friendly rental units. There are many advantages of allowing tenants to own pets, according to multifamily data reports. Here is some interesting information about pet-friendly multifamily policies.
Multifamily Data on Pet-Friendly Communities
Multifamily data shows that nearly one-third of prospects in the market own pets, and that number is only increasing. Having pet-friendly policies for your apartment complex helps you appeal to more renters. Also, multifamily data research indicates that tenants with pets tend to stay longer compared to their petless counterparts. Pet-owning tenants stay an average of 23 months compared to the 15 months renters without pets stay. Therefore, allowing pets in your multifamily units may increase your renewals and occupancy rates.
Another important advantage is increased income. Monthly pet fees, also known as pet rent, is an easy way to supplement your property’s income. These fees are different from pet deposits, which exist to pay for any potential damages from the pets. In the same vein, adding a policy that allows pets helps reduce the risk of unauthorized pets on your property and allows you to collect a deposit to cover any damage.
Becoming Pet-Friendly the Right Way
We know many landlords and property managers worry about allowing pets for many reasons. One is the risk of additional damage to units. However, multifamily data shows that damage left from tenants isn’t drastically different between those with pets and those without. The average cost difference for repairs was only $40. Nevertheless, you’ll want to prevent damage as much as possible and ensure you set clear expectations for your tenants.
If you’re able in your state, be sure you charge both a pet deposit and pet rent for tenants who own pets. This will help cover any pet damage and also add to your property’s revenue. Additionally, be sure you put your pet policy in your rental agreements. This pet policy should be clear and comprehensive. For example, it should state how many pets tenants are allowed, what types of pets, and any restrictions on pet age, weight, or breed. The more precise your pet policy, the better.
Property Management Data Shows Adding Pet Amenities Benefits Your Property
Even if you already have a pet-friendly community, multifamily data shows that adding pet amenities may help you increase your property’s income. Certain pet amenities like dog parks and even contracted services like dog walking can easily attract more tenants to your availabilities. Also, renters are willing to pay more each month to live in communities with these extras. Therefore, be sure you check property management data for your specific market to see if your property could benefit from updating your pet policies or adding pet amenities.
At ApartmentData.com, we offer advanced data and reporting to multifamily owners, property managers, leasing agents, and investors. Our market surveys give you access to the multifamily market data you need to stay competitive and profitable. Call us today at (800) 595-8730 to talk to our experts and request a demonstration. We’re here to serve you!