Landlords who do not allow pets see around 20-30% less rent revenue than those who do.
Pleasanton– You may be overlooking revenue opportunities on your Pleasanton investment property by not adding pet-friendly units to your investment portfolio. FIREPAW, a non-profit organization dedicated to handling animal welfare services, conducted a nationwide study, and found that bottom line profits are up to those who allow pets in their rental properties. Firepaw’s research found that the number one reason animal owners give up their pets is due to housing issues. Pet owners are usually willing to pay a premium to keep their pets, but often see a shortage of available properties that will allow them.
“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 allow pets in their properties are seeing their bottom lines increase substantially,” said Lukas Krause, Chief Executive Officer of Property Management Business Solutions, the franchisor of Real Property Management. “Real Property Management encourages Pleasanton property managers to allow pets whenever possible as a means to assist them in achieving financial goals faster.”
The research also vividly points out that those who accept pets see an average of 20-30% more on average of rent revenue. More benefits of pet-friendly rentals include:
- More applications received per unit
- Less marketing needed per unit
- Longer tenancy periods
- Lower vacancy rates
You are not alone if you have concerns about the noise factor bothering other tenants and neighbors, worries about insurance issues, and potential property damage to your Pleasanton investment property. Allowing pets does come with an additional insurance costs, but these are usually small and easily offset by the premium rent received monthly by allowing pets. Property damage is not deniable, but with average costs of $430, this too is offset by an additional pet deposit and rent premiums. Landlords can deduct these damages from that deposit and not be out any money. In fact, the data collected from this study shows the amounts of damage from tenants with pets is only slightly higher than that caused by pet free tenants.
FIREPAW works with property managers and landlords to help them maximize their profits while minimizing damages associated with pet friendly housing. 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 One in Livermore is part of the nation’s leading property management firm. With nearly 30 years in the property management industry. The company’s goal is to provide unrivaled customer service that save property owners time, money, and the headache often associated with Pleasanton property management. For more information on our services, please visit www.realpmone.com.