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Written by Ryan Zook, Cook and Zook Team
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Tuesday, 11 August 2009 00:00 |
 Pets have always had a bad rap with landlords. After all, the last thing a landlord wants is for a tenant's pet to ruin the carpet or scratch the hardwood floors. These are understandable concerns; however, the numbers show that allowing pets is more beneficial than not. A survey by FIREPAW showed that apartments did not lose money when they accepted pets; rather they actually made about $3,000 more a year. By accepting pets, landlords are opening up the pool of possible renters (around 70% of potential renters have a pet).
As a landlord prepares their property for their next tenants, their hope is to have their property rented as quickly as possible and for as long as possible. The FIREPAW survey concluded that allowing pets might help lessen the properties time on the market as well as keep it occupied for a longer period of time. The statistics showed that properties rented within 19 days when pets were allowed in comparison to 29 days when pets were not allowed. Tenants with pets also tended to rent for a longer period of time. The average length of stay was 46 months for rentals that allowed pets compared to 18 months for rentals that prohibited pets.
The most surprising conclusion of this survey was that tenants with pets caused just as much damage to a rental property as tenants without pets. The average damage was $362 for tenants with pets and only $323 for tenants without pets. The most damage reported by a landlord by the FIREPAW survey said that the damages came to $430. Even the highest reported damage is typically covered by a tenant’s pet deposit.
The statistics show that allowing pets might help landlords rent their properties quicker, for a longer period of time and for more money; however, landlords must still do their own due diligence. As with any tenant, there should be a screening process for the pets. As a landlord, you should not restrict breads. Instead, ask the owner if you could meet the pet. Each owner and pet is different and should be considered on a case-by-case basis. Asking for a larger security deposit is expected by tenants with pets. Typically a pet deposit of $300-$500 is reasonable. Anything above that might detour tenants. To read the full survey report, click here.
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