The Benefits of Renting to Tenants with Pets

Key Takeaways

• Allowing pets can help landlords attract a larger pool of qualified renters and reduce vacancy time.
• Pet-friendly rental policies may encourage longer tenancies because renters with pets often have fewer housing options and may be more motivated to stay.
• Clear pet rules, consistent screening, and responsible management can help landlords benefit from pet-friendly rentals while reducing potential risks.

Over the course of the last ten years, the rental housing environment has seen a dramatic shift with a significant increase in rental households that contain one or more companion animals. 

For the majority of renters, a pet is not simply an animal that lives with them, but rather a part of their home; therefore, when prospective tenants begin their rental search, their pets become a very important consideration in the rental housing choice. 

Many tenants will adjust their budget, choice of neighborhood, and length of commute to find housing that is pet-friendly.

At Keyrenter South Florida, we understand that by establishing a set of responsible pet-owner guidelines, property management companies can reduce the perception of risk associated with pet ownership and achieve the multiple benefits of having pet-friendly rental policies.

Expanding Opportunities in the Rental Market

Competition in the rental market is intense, both online and offline. If a rental property allows pets, it can attract a much larger segment of renters than properties with restrictive pet policies. 

This larger renter pool can help landlords reduce vacancy time, strengthen demand, and boost rental income over time.

With more access and awareness of potential tenants, landlords can expect to see:

• Increased views on rental listings
• More showings requested
• More applications submitted
• Higher quality of the applicant pool

When there is more than one qualified applicant for a property, landlords can compare them based on the applicant’s ability to pay their rent on time, their history of renting, and how well they fit into the rental community, rather than just accepting the first person who applies.

Eliminating Vacancy Costs

Vacant rental properties have ongoing costs to maintain, even though they do not provide any rental income. Mortgage payments, insurance premiums, taxes, utilities, and maintenance costs continued to accrue even when a property is not tenant-occupied.

Pet-friendly housing is still fairly limited in many markets when compared to all the other types of rental properties available today, which means that these types of properties tend to receive a lot less interest than other comparable types of rentals (that have restrictive pet policies). 

By decreasing the time that it takes to find a tenant, landlords are able to keep a stable cash flow, lower marketing costs, and reduce their utility costs during the turnover period. Reducing vacancy time is one of the simplest ways to support long-term rental success.

A modest reduction in turnover time (e.g., between 2 and 3 weeks) will have a substantial impact on the overall long-term profitability of their rental property(ies).

Encouraging Longer Tenancies

One of the biggest benefits of renting to tenants with pets is staying aligned with pet-inclusive housing trends. Relocating with animals can be difficult, so once renters find a pet-friendly home that meets their needs, they may be more likely to stay longer. 

Longer tenancies can help landlords reduce turnover costs, marketing expenses, and vacancy time.

Stable income over a period of time, combined with less administrative work (fewer lease renewals to manage), equals significant benefits. The average lease renewal is also less expensive than the costs associated with preparing a property for a new tenant.

Creating Rental Income Stability

Stable rental income is the basis of any successful property owner’s operations. Longer-term tenancies create significantly fewer interruptions in the landlord’s monthly stream of rental income and enable the owner to have much greater predictability in planning their future property renovations and maintenance. 

In addition, a stable occupancy level will decrease the amount of seasonality or variability related to rental income. By providing longer-term tenancies, the owner can better predict and control their rental revenue stream.

Attracting a Responsible Applicant

The mere presence or absence of a pet cannot provide adequate information about whether or not an applicant is a responsible renter. 

However, many responsible pet owners have characteristics that a landlord highly values, including:

• A strong, stable job with a reliable income
• Long-range goals
• A well-organized daily schedule
• A sincere commitment to the property’s maintenance

Many applicants who have made a significant time and financial commitment to caring for their companion animal recognize the importance of maintaining their current housing situation. A clear pet screening process can help landlords evaluate each applicant on an individual basis rather than making decisions based only on whether they have a pet.

Enhancing Competitive Marketing

Advertising is a crucial factor in reducing empty rental units. Landlords should also make sure every rental ad follows fair housing guidelines and focuses on the property rather than personal preferences about renters. 

A large population of potential renters can find pet-friendly rentals more easily because many rental search sites allow users to search for properties based on the type of pet policy. The result of higher visibility is:

• More visits to the property page
• More requests for information
• More potential renters who visit the unit
• Faster rental decisions

Because of the additional exposure, it will increase the effectiveness of your marketing efforts.

Developing Good Relationships Between Landlords and Renters

A landlord’s flexibility can help develop the strength of the landlord/renter relationship.

Tenants are often very appreciative of landlords who understand the significance of companion animals and provide reasonable accommodations accordingly. This appreciation leads to:

• Communicative respect
• Cooperation during inspections
• Timely reporting of maintenance issues
• Increased compliance with lease agreement terms

Bottom Line

For property owners willing to implement balanced pet policies, renting to tenants with pets can be a practical way to improve rental performance and long-term stability. A larger applicant pool, shorter vacancy periods, stronger lease renewal potential, and better marketing exposure can all make pet-friendly rentals more profitable. 

With clear guidelines and support from a professional property management company, these benefits can often outweigh the manageable risks of responsible pet ownership.