Our Pet Protection Guarantee covers you up to $2,000 of damage caused by an approved pet.
67% of U.S. households own a pet according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association. The number of households has steadily increased year over year.
I Heart Real Estate Property Management has created a solution to protect you and your property from pet damage because animals are here to stay.
While it might give you heartburn, there are many real estate investors, like you, who are successfully renting out their properties to tenants with pets without much fuss or struggle. Here are some benefits that come with opening up to furry friends -- and their owners.
A 2011 study of the condominium market in the Journal of Real Estate Finance and Economics found that landlords who placed no restrictions on pet ownership were able to enjoy an 11.6 percent rental premium over landlords who did not allow pets.
Landlords who allow pets often enjoy average longer tenancies from their renters. Tenants with pets were found to stay longer than tenants without pets by an average of 46 months, according to a 2005 Firepaw study. This is despite a higher rent being collected for the property and proves that people will be loyal, stay, and pay when their pets are accommodated. A tenant who wants a pet will get one, even if that means they need to move.
The same study also found that the vacancy rate for pet-friendly housing was significantly lower than “no pets allowed” rentals. Our research shows owners also rented their properties faster, spending less than half the usual amount of time marketing pet-friendly accommodations. Pet-friendly housing receives 2X as many applications.