When I rented my last apartment, pet-friendly buildings were, on average, more expensive than the ones that didn't welcome pets.
It's unfortunate that a few irresponsible people seem to have given pets a bad name. In my search, I even found that many landlords stopped allowing animals because of property damage or complaints about barking. I've seen this with hotels too.
However, in these hard economic times, some real estate experts are recommending that non-pet-friendly landlords consider reversing their policy. According to the National Association of Residential Property Managers, upwards of 70 percent of tenants have some kind of pet. So clearly non-pet-friendly landlords are losing out on a large market.
A 2003 study by the Foundation for Interdisciplinary Research and Education Promoting Animal Welfare (FIREPAW) found that pet friendly apartments actually gained an average of nearly $3,000 per apartment, per year. Additionally, welcoming pets allows landlords to be more selective, since they're picking from a wider pool of prospective tenants.
While the study is a bit outdated, the statistics are compelling and makes a good case for landlords to become pet friendly.
- Vacancy rates for pet-friendly apartments was 10 percent versus 14 percent for non-pet friendly units
- Pet friendly apartments rented in an average of 19 days versus 29 days for non-pet friendly places
- Tenants in pet friendly rentals stayed an average of 46 months compared with 18 months for non-pet friendly apartments
- Pet friendly apartments were able to charge 20 to 30 percent more in rent than non-pet-friendly units
- When controlling for children, apartments with pets cost landlords less in damage than rentals without pets
I understand that there are other factors to consider, like insurance issues, but I hope that more landlords will see both the economic incentives for changing policy and the many responsible pet lovers out there.
Have you found that landlords are more pet friendly these days?