Pet-Friendly Property Management

To more than 84 million families in the United States, pets are family. So much so that, for the majority of families, pets play a crucial role in their decisions about where they choose to live next.

Pet ownership among renters is on the rise





renters with pets

The Benefits of Pet-friendly Housing

One could look at these numbers and conclude that the pivot toward adopting pet-friendly rental agreements is a competitive necessity in today’s market. While that may be true, the growing demand for pet-friendly housing should also be viewed as a great opportunity for lessors and lessees alike.

Greater Stability

Tenants who own pets tend to stay in their leases for more than twice a long as non-owners.

The beneficial effects of pets isn’t limited to their owners. A growing body of research suggests that people who own pets are more likely to be healthy, socially active, and connected to their respective communities. Pet-owning tenants report that their pets tend to be appreciated by their neighbors and help to create a sense of community within multi-unit complexes. Stronger relationships among neighbors lead to greater stability among all tenants, not just the ones with pets.

Greater Revenues

A common misconception is that tenants with pets tend to cause more damage and carry a higher liability than tenants without pets. Not only is that belief unfounded, it turns out to be outright false.

A nationwide study of pet-friendly rental units conducted by FIREPAW, Inc., found that pet-friendly rentals actually brought in more rental revenue than other rentals. While pet-owning tenants did cause property managers to incur additional costs due to pet-related issues, those costs were vastly outweighed by the revenues generated through pet-friendly units. Over the course of one year, a single pet-friendly rental cost managers an average of $218 in insurance premiums, damage repair, and labor. However, higher rents combined with lower spending on marketing and shorter vacancy periods brought in nearly $3,000 in additional revenue per unit per year.

In a survey of mayors, 81% responded that they believed pet-friendly amenities can increase property values.

Want to Take Advantage of the Benefits of Pets?

Check out our guide on developing pet-friendly property management policies. Find out what you can do to make your rentals more welcoming to pets and owners alike.

Learn More

Mars Petcare's Better Cities for Pets™ program features a comprehensive set of materials and resources designed to help you develop practical strategies for improving the pet-friendliness of your community.

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