It Might be Time to Reconsider the “No Pets” Policy

In the last six months, animal rescues, shelters, and breeders across the country have been overwhelmed by the record-breaking surge in adoptions and fostering. Frankly, it’s no surprise this furry frenzy began as soon as COVID-19 evolved from an outbreak into a pandemic, leaving many people stuck at home — alone. This kind of long-term isolation can trigger loneliness and even depression, which is why many have found comfort and companionship by becoming pet parents. While furry friends can’t completely fill the void, they can absolutely provide emotional support and connection, as well as reduce stress and anxiety.

So what does this mean for you? Well, consider that about 65 percent of pet parents are also renters you’re not reaching — so maybe it’s time to rethink your “No Pets” policy.

Embrace the Fluffiness: It’ll Pay Off

Yes, while there are valid reasons why communities avoid dealing with animals, there are plenty of benefits to opening the door to qualified tenants and their furry pal(s). While going pet-friendly may not be on the top of your wish list, changing your strategy can attract the best human tenants. Here’s why!

• Competitive Advantage — Three-quarters of people in their 30s (Hello, Millennials!) own a dog and more than half own a cat. Taking into account the up-and-coming Generation Zers — who are equally devoted to their furry friends — and it’s clear that pro-pet communities are (and will continue to be) in high demand. Making the change will not only give you an advantage over your competitors but will allow you flexibility when setting rental rates. Consider adding amenities such as dog-walk areas, dog runs, pet washing stations, or even pet-sitting services! Don’t forget! Millennials and Gen Zers are on social media — all the time. And if they’re happy and feel welcome in their new home, they will enthusiastically spread the word to their pet-loving posse.

• Staying Power — Empty units lose money. Between finding qualified prospects and renovating units for new tenants, the last thing you want to deal with is short-timers. Yet, if you allow pets, you’ll quickly discover that pet parents tend to stay put longer. Pet-friendly communities report that renters stay an average of 46 months, while those that ban animals only last for about 18 months.

Willing and Able

Let’s be honest: Caring for a cuddly creature isn’t cheap, as food, toys, treats, training, medical expenses, etc. add up quickly. Therefore, it makes sense that many animal-lovers tend to earn higher incomes as, if they can afford all that, chances are good that they are financially stable.

And here’s your payoff! These four-legged friends understand and are prepared to pay extra to accommodate their companion. In fact, if local pet-friendly rentals are scarce, you may be able to charge as much 20 percent to 30 percent more.

Make Sure You’re Covered

While welcoming pets is a great way to attract solid tenants and increase income, it’s important your policies thoroughly protect the property, as well as all tenants. Here are some tips to make sure that Fido or Fluffy will be delightful members of your community’s family.

• Include a Pet Agreement in Every Lease — Of course, pet owners must review, agree to, and sign the lease’s pet agreement. In fact, everyone should sign it, even if they don’t have an animal, and ensure that the document clearly outlines all requirements of pet ownership. That way, if a renter decides to adopt or foster in the future, there is no confusion as to the policies. Also include:

• Pet deposits — Most properties require a deposit, fee, or additional rent for each animal — yet fee structures can vary (see Figure 1). Make it easy on yourself and check with local authorities regarding maximum amounts allowed.

NOTE: When it comes to service and emotional support animals (which might be a dog, cat, ferret, parrot, monkey, or miniature horse — not kidding), no additional charges, of any kind, are permitted.

• Owner Responsibilities — While it should be obvious that owners walk their dogs only in assigned areas and, of course, clean up messes — make sure it’s in the agreement. Include that animals should always be on-leash and that owners share vaccination reports. Last, require that owners purchase rental insurance.

• Approval — Granted, you probably don’t need to limit how many fish someone can keep but most communities typically allow one or two cats or dogs, at most.

• Things can get stickier when it comes to the type of pet. Usually, standard animals (birds, fish, some rodents, and cats and dogs) are allowed. Some exclude certain dog breeds, so check the property insurance policy for guidance.

• It’s fairly common to skip approval for low-risk animals such as small birds and fish. In addition, it’s a good idea to list the kinds and breeds of animals that are allowed (once approved). When it comes to dogs, outline acceptance requirements such as breed, size, and weight, as well as if there have been any instances of personal or property damage.

• A fun and friendly way to learn about a pet is to ask applicants to fill out a “pet resume” (with photo). Once the tenant is approved, post it online so the other residents can get to know their new neighbor!

Sources: American Apartment Owners Association, Appfolio,Tellus, Washington Post, Wired