Bucks for Barks

By Robby Nisenfeld, Communications Manager Arizona Humane Society

Should I open up my rental property to individuals with pets?

It’s a question many landlords debate, but one with an easy answer. If you want to maximize your profit, you’ll make more money offering pet-friendly housing.

According to Best Friends Animal Society, citing a 2011 analysis in the Journal of Real Estate Finance and Economics, pet-friendly landlords who place no restrictions on pet ownership currently enjoy an 11.6% rental premium over landlords who do not allow pets (after controlling for waterfront rentals, vacancies, age, number of bedrooms and other factors).

Residents with pets were found to stay significantly longer in their rentals — by an average of 23 to 46 months — than residents without pets. Additionally, vacancy rates and the amount of money landlords spend on marketing were lower for pet-friendly housing, and pet-friendly housing units received twice as many applications.

Worried about damage? According to a 2019 study by the Michelson Animal Foundation, only 9% of pets cause damage, and owners of both pet- and non-pet friendly housing believe adults and children are likely to create more costly damage than dogs or cats.

So, I should rent to pet owners, but should I restrict certain breeds?

Many experts agree that breed-specific legislation or similar policies that restrict dog breeds based on appearance, do not reduce dog bites in communities or enhance public safety. Many breeds are also often mistakenly identified. It’s best for landlords to instead consider a specific dog’s behavior, not its size or breed when evaluating rental applicants.

Reducing risk

There are clear advantages to providing pet-friendly housing. Consider the following to reduce your risk and help ensure you are finding a reliable pet renter. • Require pets to be spayed/neutered and up-to-date on vaccinations; • Require a refundable pet deposit to encourage renters to keep your property in good shape; • Require pet renter’s insurance; • Ask a few of these questions during the interview process.

Do you already offer pet-friendly housing?

If you’re a pet-friendly landlord who has residents who have been impacted by COVID-19, several of the Valley’s leading animal welfare organizations have teamed up to create pethousinghelpaz.org, which offers information and resources to pet owners who are struggling and need help.