There are few areas of apartment management as divisive as pet ownership. Tenants are often eager to welcome a furry friend into their home, but many landlords are reluctant to allow it to happen. However, making your apartment community pet-friendly can actually be a positive thing for your properties. Here are three reasons you should consider it for your community.
Your Properties Become More Competitive
32% of renters have a pet, according to a 2017 market survey by Zillow. When you make your community pet-friendly, you’ve captured the attention of a third of the rental market. Finding a pet-friendly place is going to be their top priority, and your community can go straight to the number one spot on their list. It’s a simple rule change that can set you apart from the rest of the market.
Tenants Are More Likely to Stay Long-Term
Once a tenant has found a community that allows their pets, they are much more likely to stay long-term. That’s because fewer than half of the rental properties on today’s market allow pets, so finding a new place is a hassle. Including furry friends will help you avoid high move out rates in the community. That means less money spent on marketing to and vetting new residents.
You Can Boost Your Income Stream
Allowing pets can actually help you boost your community’s profits and give you another income stream. Many landlords charge a small monthly “pet rent” fee as well as a non-refundable pet deposit. This helps them cover the cost of allowing pets in their homes. You could end up profiting if the money isn’t needed for repairs down the road. Rental rates can edge towards the higher end of the fair market value, as well.
Marquette manages pet-friendly communities around the United States. If you are a property owner, investor, or developer looking for a company who can help you manage your communities, get in touch with our team today. We know how to make your property the perfect place for potential renters. This is the best place to work, live, and invest!Back to all posts