The Value of Pet-Friendly Rentals

Deciding whether to allow pets in rental properties can feel like a big choice. For property owners, pet-friendly rentals can attract a broader tenant base, but they also come with some considerations. According to the 2023-24 American Pet Products Association (APPA) National Pet Owners Survey, nearly 66% of U.S. households owned a pet and over 65 million have a least one dog and over 46 million have one or more cats. Throughout the pandemic, pets became a source of comfort and companionship for countless people. It is clear that pets are important to people, so having pet-friendly housing matters too.

Here, we break down the pros and cons of pet-friendly rentals, along with some practical tips to make a pet policy work for everyone involved.

Why Pet-Friendly Rentals Are Valuable:

• Broader Tenant Appeal - Allowing pets immediately expands your pool of potential renters. Many people have pets, and finding pet-friendly housing is often a top priority for them. This can mean lower vacancy rates and faster tenant turnover, ultimately benefiting your bottom line.

• Potential for Higher Rent - Tenants are often willing to pay more for pet-friendly housing, and adding a small pet fee or pet rent can further help cover any added maintenance costs. This can make a pet-friendly policy not only attractive to renters but profitable for property owners.

• Long-Term Tenants - Renters with pets tend to stay longer. Moving with pets can be challenging, so once they find a pet-friendly home, they’re more likely to stick around, reducing turnover and vacancy rates.

• Positive Tenant Relationships - By allowing pets, you’re making life easier for pet owners, which creates goodwill and boosts tenant satisfaction. Also, renters with pets tend to stay longer as moving with pets can be challenging, so once they find a pet-friendly home, they’re more likely to stick around, reducing vacancy rates.

Considerations for Pet-Friendly Rentals:

• Potential for Property Damage - Pets can sometimes cause wear and tear, from scratching floors to occasional accidents. To manage this risk, consider charging a pet deposit or a small monthly pet rent to cover potential repairs.
  

• Additional Cleaning Needs - After a pet-owning tenant moves out, some extra cleaning may be required to remove any pet odors or hair. Charging a reasonable pet deposit or pet rent helps offset these potential costs.

Tips for Making a Pet-Friendly Policy Work:

• Set Clear Guidelines and Expectations - Outline a detailed pet policy in your lease agreement, specifying any restrictions (such as breed, size, or number of pets allowed) and your expectations for pet owners. Being clear about noise control and cleanliness can go a long way.

• Collect a Pet Deposit or Pet Rent - A one-time pet deposit or monthly pet rent can cover any pet-related damages. Many owners find that tenants are willing to pay a little extra for the convenience of a pet-friendly rental.

• Consider Pet-Friendly Features - Simple touches like a small fenced outdoor area, pet waste stations, or designated pet areas show that your property is truly pet-friendly. These amenities can help attract responsible pet owners and make it easier to maintain the property.

Looking for Pet-Friendly Rentals with a Modern Touch?
At MFH Springfield, we welcome pets and even offer in-house EV charging stations in many of our rental homes. If you’re looking for a property that feels like home for you and your furry friends, contact us today to learn more about our pet-friendly rental options!