In today’s market, many property owners are opting for pet-friendly apartments to attract more tenants, reduce vacancy times, and generate a consistent stream of rental income all year long. These apartments are also preferred by millennials, a consumer demographic that now makes up 70% of the population. And these days, companies are also adopting this trick. So what are the benefits of renting a pet-friendly apartment?
Increased sense of community
Having a pet can be a huge benefit for renters. It can make them feel more like part of the community and help them feel like they have some kind of a “flock” around them. Adding pets to the community is also a great way to increase the level of tenant retention. Those who are pet owners tend to be more satisfied with their rentals than those who do not.
The benefits of having pets outnumber the advantages. Not only will your tenants be happier, but they’ll also be less stressed. As a landlord, you will be able to make more money, and your tenants will appreciate it. Plus, if you’re a landlord, renting out to pet owners can cut down on vacancy time and advertising costs. In addition to attracting more tenants, you can also offer more perks for pet owners.
Lower vacancy rate
As the vacancy rate decreases nationwide, it is a good sign for landlords that allowing pets into rental properties will increase tenancy and reduce vacancies. While allowing pets into rental properties may increase rent, it also broadens the pool of prospective renters. As a result, the rental rate for pet-friendly and the best apartment for rent is generally lower than those that do not allow pets. And since pet owners do not want to stress their pets, they tend to renew their leases sooner.
In addition, tenants in pet-friendly rentals stay longer. They’re more likely to stay in a rental for a year than those in non-pet-friendly rentals. This may be because pet owners are more loyal and less likely to move. In addition, they are also less likely to cause damage to the property. However, owners should keep in mind that tenants may be more responsible when it comes to cleaning up after their pets.
The COVID-19 pandemic has created unprecedented challenges for lease renewals and has halted this growth. In fact, as of July 8th, renewal rates are declining. According to Entrata data, renewal rates are at 44%, a decrease of 11 percent over the past year and 14 percent since May. The good news is that pet-friendly apartment owners are increasingly choosing to renew their leases, as more tenants are looking for housing options that allow pets.
Buildings that allow pets in their communities are making a smart marketing decision. Not only do they appeal to pet-owning renters, but they also attract more buyers, too. And, as more people are looking for places with pets, prices tend to increase. According to Jonathan Miller, president of the appraisal firm Miller Samuel, pet-friendly buildings enjoy a higher renewal rate. The average pet-friendly apartment costs 30 percent more than non-pet-friendly ones.
If you are an animal lover, finding an apartment that is pet friendly is a must. Not only will this help you live comfortably and worry-free, but it will also help you save money on rent. Many apartment complexes will allow pets, but some won’t. Check with your leasing office to see what breeds of dogs or cats are allowed. If you have a small dog, it may be possible to negotiate.
Before adopting a pet, research the neighborhood and its amenities and make sure the landlord allows pets. Some landlords do not allow noisy pets. Make sure to keep your pet’s vaccination and shot records on hand. This will ensure that your pet is happy and healthy for many years. Make sure to choose a breed that you and your landlord are comfortable with. A pet is an amazing addition to your family, and you can be sure it will bring you years of happiness.