Fur babies. Puppers. Doggos. No matter what you term them, dogs are adorable, energetic, and bring loving companionship to all age groups, from toddlers to seniors. But do they have a place at your rental property?
Some Facts to Chew On
The Insurance Information Institute reports that 70% of U.S. households, or about 90.5M families, own a pet, according to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), and this number is looking to grow even larger as Millennials pause family-planning efforts in the face of current economic structures. In fact, California is believed-to-be the first state to consider putting into law a requirement for all Property Managers/Property Management Companies (PMCs) to allow pets. According to Rental Housing Journal, Bill AB 2216, which is in its early stages, is aimed at solving a big problem… in the rental world: an overabundance of tenants with pets and a shortage of landlords willing to accept sed tenants.
As More Adopt, It Benefits to Adapt
With this growing trend, are you as a PMC open to accommodate for your communities’ four-legged friends? Beyond expanding your potential pool of rental community members and reducing vacancy rates, allowing pets in your rental properties can offer several benefits:
- Pet Fees and Deposits: You can charge pet fees or require pet deposits to cover any potential damages caused by pets, if applicable. These additional fees can help mitigate risks associated with allowing pets in the rental property. You can also charge higher rent to accommodate for wear-and-tear, if applicable.
- Longer Tenancies: Pet owners may be more inclined to stay in a rental property for a longer duration, as it can be challenging for them to find pet-friendly housing in their area. This reduces turnover, minimizing the time and costs associated with finding new tenants.
- Responsible Communities: Pet owners are often responsible individuals who are willing to follow rules and maintain the property well. They may be more likely to keep the property clean and well-maintained to ensure a safe environment for their pets.
- Competitive Advantage: In a competitive rental market, allowing pets can give landlords a competitive edge over properties that don’t permit pets. This can attract more renters and lead to lower vacancy rates.
- Personal Benefits: Some landlords may personally enjoy having pets around or may have a pet themselves. Allowing pets in their rental properties can create a more welcoming environment and foster positive relationships with tenants.
For more resources on pet-inclusive housing, please visit our partners at the Michelson Found Animals Foundation and read up on their scorecard, reports, and more!
Coverage is Paws-ible with ePremium
At ePremium® Insurance Agency, our Renters Insurance policy has optional coverage for Pet Damage that is not commonly offered in the marketplace. Our endorsement provides up to $500 for damage to property of the PMC. Then with our Master policy, we offer optional coverage up to $1,000 for pet– related damages.
Don’t land yourself in the doghouse with your rental community by turning away man’s best friend. Rather, ensure that your units are safe with coverage options that work hard when dogs play hard.
Interested in chatting with us on what we can do for potential pet damage? Schedule a call.
ePremium Insurance Agency, LLC, a limited liability company organized under the laws of Ohio, is a licensed insurance producer in all states, except Alaska with its principal place of operation at 4770 Duke Drive, Suite 200, Mason, OH 45040 (NPN 9925625, California License No.: 0G66570, Texas License No.: 1549460). ePremium Insurance Agency, LLC does business under the following names: in NY dba – ePremium Insurance Agency LLC; in FL dba – ePremium Insurance Agency, LLC; in CA dba – ePremium IRIS Insurance Solutions, LLC.