A Possible Pet-Friendly Future to Come?
We here at Cardinal Point Property Management love pets, but we do also understand the reasoning when they are not allowed. Any dog or cat owner that has sought out a rental in the New England area can tell you it isn’t easy to find a pet-friendly rental. I’ve heard this a lot in my 8+ year career as a property manager in Seacoast NH & the surrounding area, but hope is on the rise for these folks according to these findings on Apartments.com…
Tenants who don’t own pets are in the minority according to an Apartments.com survey, in which 75% of renters replied that they own at least one pet (up 32% since last year). Keep in mind, this includes fish at 6%, but most of these pets ARE cats and dogs. Another enabling fact of the matter is that landlords are not charging extra rent, nor collecting a deposit on many of these pet-owner tenants.
Surprisingly, it is also mentioned that 58% of all non pet-owning tenants still seek out pet-friendly buildings! Of those renters surveyed this year, 78% mention they live in a pet-friendly building. This is a large increase from the 59% in 2012.
So here it is… More tenants are owning pets, and more non pet-owner tenants seem indifferent to living near them. Add to this the fact that 65% of pet-owning tenants mention they have problems finding pet-friendly rentals (likely more so in New England), and it is clear that having pet-friendly units definitely can put your investment property at a competitive advantage in many cases. In all, if you’re not allowing pets, you’re turning away a large amount of tenants before the opportunity even “knocks”.
…but is this right for you?
Before deciding on allowing pets at your rental, ask yourself these questions:
1) Is your property likely to attract pet owners of a specific type?
2) Are the risks of allowing pets greater than the rewards?
3) Will an increased rent or extra deposit be worthwhile, and what are the state laws regarding this?
4) Will not allowing pets risk longer vacancy?
5) Does your local market force you to be more lenient, or less?
See the survey here: pet-friendly survey
Special thanks to Sookie, Duncan, Wallace, Bentley, & their human parents for the photo above! 🙂
Cardinal Point Property Management is available to help you when considering this and all other aspects of Property Management & Leasing. We service all areas within 30 miles of Portsmouth, NH (including ME & MA)
Put experience on your side & allow us to head your property in the right direction.
Please feel free to contact me regarding any property management questions you may have, and remember, advice is always FREE!
Til next time