Pet ownership is on the rise throughout the U.S. Data found in the Rental Housing Journal estimates that 75% of Millennials have pets. Some property managers are weary to adopt pet friendly policies out of fear of property damage, complaints, or liability issues. In this article, however, we will explore both why and how every community should become more pet friendly.
Benefits of Becoming Pet Friendly
According to research done by the NAA, pet friendly amenities account for the highest percentage (17%) of amenity-related rent revenue for apartment communities. Dog recreation areas, pet washing/grooming stations, and even pet ambassadors are becoming popular pet friendly additions. Pet related amenities are also among the lowest cost options to implement.
Setting Property Managers at Ease
The Human Society has also conducted research that is “pro-pet” for the multifamily industry. Here are a few of their findings:
There is no statistical evidence that pet owners do more damage to rental units than non-pet owners
The average length of residency is twice as long for pet owners than for non-pet owners
Only 10% of renters lose their pet security deposits
Such research sets managers at ease by dispelling the myths that pets are bad for business and costly to the community.
Pet Policies to Implement
Many apartment communities charge refundable pet deposits and monthly pet fees as a way to increase revenue and protect themselves against possible damage. According to the Fair Housing Act, properties cannot charge pet fees for assistance & service animals since they are not technically pets, but they can charge residents for damage cause by these animals.