To more than 84 million families in the United States, pets are family. So much so that, for the majority of families, pets play a crucial role in their decisions about where they choose to live next.
One could look at these numbers and conclude that the pivot toward adopting pet-friendly rental agreements is a competitive necessity in today’s market. While that may be true, the growing demand for pet-friendly housing should also be viewed as a great opportunity for lessors and lessees alike.
Tenants who own pets tend to stay in their leases for more than twice a long as non-owners.
The beneficial effects of pets isn’t limited to their owners. A growing body of research suggests that people who own pets are more likely to be healthy, socially active, and connected to their respective communities. Pet-owning tenants report that their pets tend to be appreciated by their neighbors and help to create a sense of community within multi-unit complexes. Stronger relationships among neighbors lead to greater stability among all tenants, not just the ones with pets.
A common misconception is that tenants with pets tend to cause more damage and carry a higher liability than tenants without pets. Not only is that belief unfounded, it turns out to be outright false.
A nationwide study of pet-friendly rental units conducted by FIREPAW, Inc., found that pet-friendly rentals actually brought in more rental revenue than other rentals. While pet-owning tenants did cause property managers to incur additional costs due to pet-related issues, those costs were vastly outweighed by the revenues generated through pet-friendly units. Over the course of one year, a single pet-friendly rental cost managers an average of $218 in insurance premiums, damage repair, and labor. However, higher rents combined with lower spending on marketing and shorter vacancy periods brought in nearly $3,000 in additional revenue per unit per year.
In a survey of mayors, 81% responded that they believed pet-friendly amenities can increase property values.
Many pet-owning homeseekers face challenges when it comes to finding housing for themselves and their pets. This is especially true for pet owners who rent their homes.
Residents of Borror Properties, including those who live in the developer’s apartments and senior living facilities throughout Central Ohio, are all welcome to own a pet.