Multifamily Minute Reader Reflections: Pets Allowed!
Around three quarters of our Multifamily Minute subscribers are (mostly) aligned on pet policies. Here's why it matters for your bottom line.
Start Your Application and Unlock the Power of Choice$5.6M offered by a Bank$1.2M offered by a Bank$2M offered by an Agency$1.4M offered by a Credit UnionClick Here to Get Quotes!Everyone loves pets.
(Except for me and cats, anyway. It's an allergy thing; I tried!)
As a multifamily investor, you should have a clear position on residents bringing their furry friends along when they move in.
It's a pretty interesting way to increase your property's return on investment, often. Many multifamily operators, for example, charge a monthly "pet fee" in addition to requiring a bit of an extra deposit.
Requiring additional payments certainly makes some sense — imagine your renter moving out, only to discover that Fido, Destroyer of Worlds (he's a very sweet dachshund, honest), has chewed a few holes in those new kitchen cabinets you installed two years ago.
But for the rare occasions you'll need to tap into the extra pet fees to repair parts of a unit, there are countless where your residents' pets are perfectly well behaved (and respectful of new cabinetry).
So, how many of us are allowing pets in our properties' units? Let's check the results.
Survey Results
Response | Percent of respondents |
|---|---|
Yes; all pets are welcome | 34% |
Yes, but I don't allow certain dog breeds | 36% |
Pets aren't allowed (unless they live in a fishbowl) | 9% |
No pets of any kind are allowed | 16% |
Other | 5% |
It seems most of us are on the same page already.
I won't overdo the analysis, here, but I will say that a lot of the "other" responses I received were along the lines of owners saying they won't accept pets, but still willing to allow them under certain conditions.
And one last thing, if you're part of the roughly one-quarter of landlords who don't want any pets in their apartments: Renters living in properties considered pet friendly stay in place 21% longer on average than renters in assets that don't permit pets.
That's both fascinating and critically important as we get deeper into a year set to see huge amounts of new apartment buildings opening their doors — potentially stealing away some of your renters.
So, fight vacancy by allowing pets? It seems that it could actually work.
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Our Previous Survey
My most recent survey focused on your investment plans for 2024. It's become something of an annual survey I do — it's happened twice now, in other words — to see what buyer appetite looks like. Check out the results.