The Secret to Filling Units Faster AND Hundreds of Dollars in Extra Cash Flow is…Dogs
Summary
This article highlights the financial benefits of allowing pets in your short-term rental, including higher rents and faster occupancy. It provides insights into pet fee structures, tenant preferences, and the potential for reduced turnover, while also cautioning hosts about the evolving landscape of pet-related regulations.
Key Insights
- •Landlords can charge an average nonrefundable pet fee of $315 on top of an average monthly pet rent of $36.
- •Listings that allow pets tend to lease up to eight days faster than those that do not, and in New York City, pet-friendly apartments attract tenants 26 days faster.
- •Pet-inclusive policies can reduce tenant turnover, with residents staying up to 21% longer.
Action Items
- ✓Create a formal written pet policy that standardizes permitted animal types, size/weight limits, number of pets, and required vaccinations/registrations.Effort: lowImpact: medium
- ✓Demand pet documentation, treating it as a requirement. Standard documentation includes proof of vaccination, local licenses, flea/tick treatment records, and emergency vet information.Effort: lowImpact: medium
- ✓Set transparent pricing for pet fees, including a refundable pet damage deposit, modest monthly pet rent, and a nonrefundable cleaning fee.Effort: lowImpact: medium
Common Mistakes
- ⚠Landlords should be aware of state and federal bills targeting pet fees, such as Colorado's law capping pet rent and deposits, and be prepared for potential regulatory changes.
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