What is one way that you can increase your profitability of your rental? Coeur d’Alene rentals are more likely to be rented by making your investment a pet-friendly property. A nationwide study conducted by FIREPAW, a non-profit organization dedicated to handling animal welfare services, found that property managers allowing animals in their rental properties are seeing an increase in their bottom line profits. The biggest reason pet owners gave up their pets was because of housing issues where pets are not allowed. Even though pet owners are willing to pay more in rent to keep their animals, there is still a shortage of landlords willing to accept pets.
The study also clearly indicates the rent differential between housing accepting animals and those who do not was 20-30% higher on average, which equates to an average overall rent for participants in the study coming in at $1070 per month. Other benefits for landlords with a pet-friendly property include:
- Longer lengths of tenancy
- Lower vacancy rates
- Less marketing needed per unit
- More applications received per unit
“Because of their ability to charge a separate pet deposit that can range anywhere from 40-85% of the rent up front, property owners who are a pet-friendly property are seeing their bottom lines increase substantially,” said Lukas Krause, Chief Executive Officer of Property Management Business Solutions, the franchise of Real Property Management. “Real Property Management encourages property managers to have a pet-friendly property whenever possible as a means to assist them in achieving financial goals faster.”
Coeur d ‘Alene investment property owners have concerns about potential damage to the property due to a pet-friendly property, worries about possible insurance issues, and the noise factor bothering other tenants who may not have a pet. Allowing pets does come with a slight liability and a few increased insurance costs, however the relatively small costs are offset by the premium rent received by pet friendly housing. Some damage is reported by landlords who allow pets in their units, but the cost of the damage averaged $430, being much less than the rent deposit paid. Landlords deduct the damages from the deposit and don’t dip into their own funds. Moreover, the data collected from this study shows the amounts of damage from tenants with pets is only slightly higher than that caused by tenants without pets.
FIREPAW maximizes their profits while minimizing damages associated with pet friendly housing by working with landlords and property managers. The non-profit organization created a Companion Animal Renters Program (CARP) that offers economic assessment, needs assessment, tailor-made programs, customized pet policy, pet agreements, and a custom made pet perk package.
Real Property Management is the nation’s leading property management firm with nearly 30 years and Reall Property Management Coeur d’Alene 4th year of operation has recieve three consecutive years of Best of Coeur d’Alene awards. The company’s goal is to provide unrivaled customer service that save property owners time, money, and the headache often associated with Coeur d’Alene property management.