Millennials, the group that was born between the 80’s and early 2000’s, are disrupting homeownership trends; they are renting longer and delaying home ownership. They’re also one of the largest groups of renters in the U.S. today. More than 70 percent of millennial renters have pets, so pet-friendly rentals are extremely important to them. As a landlord, you may be hesitant to allow pets, and for good reason as pets can cause damage. However, many millennials (and many renters in general) are responsible pet owners, so allowing pets is something to consider and also a great source of added revenue through pet fees.
Pet owners face challenges when looking for rental properties but the Association of Residential Letting Agents says that they can in fact make better tenants. Experts argue that a family with one or two rambunctious children is more likely to cause damage to your unit than a single person with a calm, well-behaved pet. Both pets and children can possibly urinate on the floor, but a pet won’t write on the walls with crayons and markers or flush a toy down your toilet.
If you wish to capitalize on renting, don’t forget that there are a number of multiple pet tenants who are looking for places to rent. You can have a steady number of tenants thankful that you rent to them when others won’t, and you can charge higher rents, pet rent fees, and extra damage deposits if you do.
Check out the video from the LA Times on Hot Property and Dog Friendly Spaces.