Owning rental homes in Las Vegas is usually a profitable business, but sometimes the image of a landlord could use a little public relations boost. For instance, the cartoon version of a landlord is the opposite vision of pet-friendly.
Landlords are more likely now to accept pets as they recognize the benefits will most often outweigh the risks. The fact remains that some Landlords will simply not consider it. For some there are cultural prejudices that are sometimes hard to overcome. Please consider these facts:
1. Reduced Vacancy Rates
According to the Humane Society, pet ownership in the U.S. has more than tripled since 1970 & 62% of American families owned at least one pet in 2013. The numbers are undeniable. When you say NO to a pet, you are decreasing your potential pool of tenants to only 38% of the population. It’s easy to see that by reducing your prospective tenant pool, you increase the likelihood that your home will take longer to rent.
2. Respectful Tenants
As MSN reported http://realestate.msn.com/article.aspx?cp-documentid=19186150 It was a surprise to many when a FIREPAW.org survey on pet-friendly housing showed that, on average, damage done to rental properties is about equal between pet-owning and non-pet-owning tenants. It seems that grateful pet-loving renters try harder to keep their rental homes in good condition (or perhaps it is because they have higher deposits at risk).
3. Increased Stability
The same survey is clear: statistically, “tenants tend to stay longer in pet-friendly rental units.”
4. Closing Arguments
BUT you ask, what about damages!!!????????????
What about damages? I understand. A dog or cat that urinates on the carpet probably means the carpet will need to be replaced when a new tenant moves in. If your home sits vacant for 2 months because you wouldn’t rent to a pet, you would have lost two months of rent plus the additional costs of keeping the utilities on, the HOA, the insurance, the taxes, the advertising, the landscaper….. . If carpet replacement costs $3,000 and you also have a pet deposit of $300+, what is your true out-of-pocket loss? If my math is correct, it’s about $500. Is that such a bad deal?
Ok but what about liability!!!????????????
Pet insurance to protect you can be obtained by the tenant – this may or may not cover carpet damage. Allstate does not have a breed restriction which means they will insure German Sheppard’s, Chow Chow’s, Akita’s, Pit’s, and Rottweiler’s.
Think about this, if you say no to a pet, your tenant pool is reduced to 38% of all people now looking to rent a home and ask yourself this question: Of the 38% possible remaining tenants - is your home where they want to live, have the amenities they want (washer, dryer, refrigerator, landscaping?), priced right, in the right school district, close enough to their job, their Mom or their babysitter?
You do the numbers……………..
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.