Anyone that has a furry friend at home knows how big of a part they play in our daily lives by providing love, entertainment, companionship, and countless memories. According to a nationwide study from the American Veterinary Medical Association, a fair amount of people in the United States are pet owners. Nationally, 56% of people in the United States have at least one cat or dog in their homes, with Illinois coming in 48% of households with cats or dogs.
The owners of these furry friends know all too well the hurdles that come with apartment renting and cat/dog ownership. Pet owners that rent generally prioritize buildings and associations that accept their pets. This is the biggest factor in choosing a new place to live. When you do the simple math, it becomes very clear why as a property owner, it is more beneficial in the long run to accept pets in your building. However, what exactly should you weigh on when making the decision to accept or decline pets?
The benefits of allowing pets in rentals include:
Larger Applicant Pool: this diversifies your potential renters with more applications to choose from
Lower Vacancy Rates: stop revenue loss and achieve a higher profit margin with less vacancies
Attracts Long-Term Tenants: secure quality residents that will occupy units for longer periods of time on average. Happy residents stay longer!
Higher Profit: you can charge a higher monthly rent and/or charge a premium pet fee yielding higher profits with minimal effort
In contrast, some of the downsides of allowing pets in rentals include:
Common Tenant Complaints: those without pets may be less sympathetic to excessive noise leading to more complaints
Common Area Complaints: messes in hallways or elevators or barking at passerby residents can lead to a general degradation of the building's quality of life
Potential Damage To Apartment: not just dogs, but most animals have the potential of causing damage to different aspects of the unit.
Our advice at the end of the day is to be flexible and be open to accepting tenants with pets. Don’t single out the possibility of pet rentals at your units when the benefits can greatly outweigh the costs. By accepting pets, you attract residents that are more likely to stay for longer periods of time which allows for more profit security in the long term. The downside to accepting pets is when you allow the wrong pets (or owners) in the unit by not properly screening them the potential for complaints and damages can increase. Every situation is different, and no dog, cat, or furry friend is the same - so take this advice on a case-by-case basis and do what’s most comfortable for you as a property owner.
If you feel as if you don’t have the manpower or resources to accept pets or manage your current units with pets then think about hiring a property management company to help. Take a look at our full list of property management services to see if we can help you today! Contact PRG Management today to get a FREE quote and learn more about the services we offer for owners like you!