Did you know that 43% of CHBO property owners allow pets in their rental properties?
We are constantly asked whether a corporate rental should allow pets. On one had, your property is furnished, so there are things that can easily be damaged by a pet. On the other hand, you want to maximize the number of renters you attract, after all, this is an investment and you don’t want to alienate potential good tenants.
Did you know that 43% of property owners accept some kind of pet in their properties, according to the CHBO Annual Report?
While pets can be an added challenge or burden, there are many good reasons to allow them:
First, you open the door to a larger pool of possible tenants. Traveling with pets has become commonplace these days and more traveling executives and relocated families are bringing Fido along for the ride. In fact, 67% of by owner landlords say they allow pets in order to get their properties rented. It’s also unlikely that an executive or family traveling with a pet for months at a time would want to stay in a hotel – so a corporate rental is quite attractive for this audience.
Second, you open the door to making more money. Yes, you can charge more for renters who bring along a pet – and you can demand a larger security deposit too. People traveling with pets expect this and are happy to oblige because they want to bring their dog along for the ride.
Third, you might increase your occupancy rate. Because you allow a larger pool of possible tenants, it’s likely your rental property will attract tenant after tenant – boosting your bottom line!
Fourth, if you own a single family home, it’s the best way to get more renters. Traveling executives like to be near their office, so they may not venture too far off into suburbia. But those that have pets will want to rent a single family home even if the property is located in a less desirable location. These individuals simply want a yard for their pet to play in and they want to be near parks, etc. In other words, if your property is not centrally located, allowing pets might be one of the best ways to attract a constant stream of renters.
Pet Tip! If you allow pets, consider charging a special “Departure Fee” that would be used to deep clean the carpets and upholstery upon their departure. Also consider requiring your tenant to purchase Accidental Rental Damage Insurance through CHBO.