An estimated 70% of Charlotteans have at least one household pet, presenting unique challenges along with great opportunity for landlords and property managers. While some view pets as a liability, there can be immense benefits to offering pet-friendly housing.
Attract More Residents
Most new rental communities throughout the area are being designed to cater to pet owners. Amenities including bark parks, pet wash stations and grooming services are becoming more and more common. Homeowners may not need to go to those extremes, but merely being pet-friendly will open your property to a larger market of prospective tenants. Pet owners also tend to be more responsible and stable than those without.
Earn Additional Revenue
Pet owners treat their furry friends like family and are willing to pay to keep their pets by their side. Aside from charging more in rent, you can also charge pet owners a monthly premium in the form of monthly pet rent. This supplementary income can more than offset any potential wear and tear a pet may cause.
Not only can pet-friendly units be hard to come by in certain areas and home-styles, but many pet owners wish to avoid disrupting their pet’s routine by constantly moving. That said, pet owners can be more inclined to extend their stay in a home or community that comfortably suits them and their companions. More retention will save money on marketing and vacancy, providing you with steadier income and a greater return from your investment.
While some view pets as a liability, we feel they can be a fantastic source of revenue and retention. The aforementioned items are just a few of the benefits to marketing your property or community as pet friendly. If you’re on the fence or have questions about pet fees and policies, please reach out to our team. We are experienced in managing furry friends of all shapes and sizes.