A common question that we get is, “Should I allow pets for my rental?”.
Unfortunately, there is not a simple answer to this question. The decision will depend on the property owner’s priorities and objectives of the rental. For this reason, we encourage property owners to look at the data & possible solutions surrounding this matter.
What percentage of renters have pets?
Taking a look at numerous viable sources such as The Human Society, it appears that 72% of renters have pets. In addition, The American Apartment Owners Association surveyed 1000 renters around the country and nearly 90% of renters said they had a pet. In this survey, more than 80% of respondents said a pet-friendly policy was going to play a significant role in where they were going to live.
A good rule of thumb is that if you allow pets, it will most likely increase your applicant pool by at least 2x.
On average, how much damage does a pet cause?
When landlords allow pets, average repair costs come out to be about $362 annually. That being said even if you have a “no pets allowed” policy, the average amount of damage is still $323. No surprise, Tenants tend to keep a pet in the rental even if there is a “no pet policy”. It would be in the owner’s best interest to at least collect a higher rent & pet security deposit.
Can I charge more rent if I allow for pets?
Absolutely, given the fact that more than 72% of renters have pets & only 50% of rentals allow pets – there is an obvious shortage of pet-friendly units. Because of this shortage, an owner can increase the rental price.
Will my property rent faster if I allow pets?
If the property is appropriately priced, it can lead to a faster leasing period. This opens up the number of potential applicants by 2x. More applicants will lead to a greater probability the owner or property manager will have an approved applicant.
How much should a pet security deposit be?
Here at Eagle Property Management, our standard Pet Deposit is $450. In addition, we provide a Pet Guarantee. We will pay for any damages exceeding the security deposit caused by an approved pet up to $1000 per approved pet.
Looking for a rental expert?
There are many additional responsibilities that come along with owning a rental property. Get in contact with one of our representatives today at (916) 714-0123 or send us a message by sending us a contact form below to learn more about how a reliable property manager can save you the time & headache required to manage a rental property.