Was Your Corporate Rental Property Damaged by a Pet in 2019?
Admin
Published Date: 2020-07-15
Many people who own and rent corporate rental apartments do not allow pets. It might be because they worry about damage, or it might be to keep the noise down in a space where other residents are located. However, it can be a delicate decision to make since there are pros and cons to both allowing pets and entirely refusing them.
Our 2020 CHBO Corporate Housing Real Estate Report offers plenty of information about providing space for pets for those who might be considering it. It also goes into many other factors of running corporate rental apartments and can give valuable insights to help you grow your business. But for now, we will look at the damage by pets, and how prevalent it is for the average owner.
The reality may not be what you think. Of the survey respondents who answered questions for data in our report, almost 82% said that they had no property damage by pets in 2019. Of those who did experience some damage to their property, only 3% said that it was an extreme amount of damage. In contrast, everyone else experienced only a small amount of damage.
Have you experienced property damage by allowing pets? Looking back at our past reports, it used to be more common. In 2012, 27% of people suffered loss, while in 2016, the percentage was 23%. Knocking that down to 18% in 2019 shows that this problem is not as widespread as some believe in corporate rental apartments.
Of course, it’s also worth being aware of how many owners even allow pets in their properties. While there were a few years, mainly from 2014 through 2016, when more than 60% of owners of corporate rental apartments allowed pets, that number has fallen. The most recent report shows that 53% of properties allowed no pets.
As for the apartments and homes that do allow pets, 12% allow any pet, 7% allow large dogs, 21% allow dogs under 35 pounds, and 8% accept cats as guests. This is a slight increase in locations that allow dogs and a minor decrease in homes that allow cats.
It’s really up to you whether you want to allow pets, but it can offer a larger tenant pool if you choose to do so. However, there can be accidents and damage, so that’s important to take into consideration too. Consider all your options before you make a final decision.
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