Dog Friendly Rentals and the Billions That Await You

To round out our week of guest posts here at thepropertypundit.com we have our Golden Retriever, Harry, with his take on dog-friendly rental properties:

As a dog, when I see a property for sale, I am much more interested in inspecting the landscaping than rushing home to Zillow the comps in the neighborhood. But being included on some of my parents’ property hunting trips has definitely tuned my eye (and nose) to some of the issues facing dogs (and their owners) in today’s market, primarily the rental market.

63% of households today have pets, yet less than 10% of rental housing anywhere allows animals. The amount of money spent on pets has doubled within the last decade to $40 billion+ in 2007. This equates to very generous pet owners (and their very spoiled pets) being restricted from 90% of the available rental property out there. And this means you, Potential Landlord, are discouraging at least 60% of potential renters out there from even considering your property if you have a “no pets” policy at your property.

So, back to this new breed of pet owner and their $40 billion+. Many of these are the young professionals you hear about who have put off having kids for their careers and such. Mom always reminds me why I’m an only child (I’m satisfied to eat just twice a day, no need for a babysitter when she’s out running errands, I never break curfew, and I can do some great tricks - on command.) She hasn’t bought me any Baby Einstein toys or anything, but my parents definitely do a lot of things to make me comfortable and happy, and I know they consider me part of the family. In kind, no matter how great a property was, they wouldn’t even look twice if the place didn’t allow dogs.

Landlords with a pet friendly policy have fewer vacancies and can charge higher rents.
The last time Mom and Dad were looking for tenants for one of their units, the “pets welcomed” part of their ad was the feature most mentioned by prospective tenants (despite the new tile, on-site laundry, and secured parking). 4 out of 5 of the inquiries they received were from people interested specifically in the open pet policy. Sometimes people didn’t even bother to ask about utilities or square footage, but rather about how close we were to the park and how many other dogs were in the neighborhood. In many ways, they were shopping the neighborhood like parents shop for a good school district for their kids. Though the unit was priced at the upper end of the comparable rentals in the area, the vacancy was filled quickly and the new neighbors’ German Shepherd mix and I have become great friends.

In theory, with dogs providing companionship (and security) for their owners, tenants are likely to remain longer, which reduces turnover and the need to advertise for new tenants (and pay property management fees!) or screen applicants.

Here are some of my recommended ways to make your property more attractive to this new breed of pet owner (and their $40 billion+):

1. Consider a Pet Checklist as part of the screening process.

“A well groomed, well behaved pet is one of the best signs of a responsible pet owner.” The New Hampshire Humane Society has a great checklist to help you get to know your prospective tenant and their pet.

2. Weight limitations pretty much guarantee you’re going to get a yapper for a neighbor.

Call me biased, but at a svelte 65lbs., I simply do not consider myself a “large dog”. I leave that designation for the Great Danes and Mastiffs of the world. Of the AKC’s top 10 dog breeds for 2006, 5 of them are less than 30lbs, which is the typical weight limit cutoff for most multi-family housing. These 5 breeds include the Chihuahua, Yorkshire Terrier, and Shih Tzu. I characterize these dogs with the term “yappers”. Don’t get me wrong, one of my best friends is a rat terrier poodle weighing in at about 25lbs. But certain breeds simply tend to be noisy. These include:

• terriers (yes, my friend is a yapper)
• Beagles
• Collies
• Norwegian Elkhounds
• Finnish Spitz
• American Eskimos
• most toy breeds

Now, what about the other 5 on the AKC’s top 10 list? Among them are yellow labs and golden retrievers (which weigh about 70 lbs. on average) which are the most utilized breeds for search and rescue and leading the blind. Leading the blind! How bad can we really be? The Fair Housing Act only applies to humans, so feel free to discriminate against aggressive breeds instead! Okay, that’s not fair, but what it really comes down to is temperament and how a person has trained their dog (though even I get a little skittish around pitbulls.)

3. Don’t make the pet deposit non-refundable.

When my folks were renting, there were several properties Mom flat out turned down just for the fact that the pet deposit was non-refundable. To quote her words exactly, “Why should I be paying them to let us have a dog? Our dog is cleaner than a lot of kids out there!” Additionally, in worst case scenarios, people who know they aren’t getting their pet deposit back won’t have much incentive to clean up after their pets. A pet friendly property will be able to garner top market price anyway, so why make it look like you’re trying to punish a person for having a kid (pet)?

Additionally, pet owners can be a bit cult-like (in a good way.) Just drive by a dog park sometime, or stop in on the next meeting of your local Adopt A Husky. Word of a pet friendly landlord with pet friendly rentals spreads like wildfire, particularly among larger breeds. You may never need to advertise again! And you may end up with a pack of Huskies at your four-plex on Pine St., but no one will ever vandalize your property. It’s built in security!

The Humane Society of the United States has a page with websites that list animal friendly housing. Many of these websites will allow you to list your property for free (free advertising!)

Don’t limit your options when marketing to 100% of your prospective tenants out there. Keep an open mind to pet owners, their billions of dollars, and particularly the lack of rentals available for “big” furry guys like myself. If you need any advice on how to screen those four legged clients, please contact me here at thepropertypundit.com. I’m always willing to lend a paw.