Many long-term business travelers are arriving at rental properties with pets. Pets can give landlords advantages and this week we look in more depth based on our survey “By Owner Corporate Housing Annual Report.”
Many renters continue to travel with pets. 43% of survey respondents say they accept pets (down from 48% in 2012). Of those who accept pets, 67% say they take pets because it gets their properties rented. The most common rental period for renters with pets is one to three months. In 2013, the average, non-refundable, one-time pet fee that property owners charged was $204 (down from $253 in 2012). The average pet refundable deposit was $343 – consistent with 2012 results.
Allowing pets in your property can give you a competitive advantage, higher rental return, and higher occupancy if managed properly. However, when pets “go bad,” they can cause extensive damage. To preserve the quality of your rental, it’s critical to have a pet policy in place and take the time to qualify each pet.
Starting in 2012, we expanded the pet questions, so we could better understand what kind of impact being pet friendly made on your rental success, if any. 67.3% of respondents say they take pets because it gets their properties rented.
If you currently do not take pets and your property is not rented, you may want to revisit your pet policy.
According to the CHPA Industry Survey, the average pet fee for full-service, corporate housing companies is $304, and the average pet deposit is $307. For the “by owner” survey, the average, non-refundable, one-time pet fee is only $204. (This fee is generally applied to a special departure cleaning needed to eliminate hair and odors). The average pet refundable deposit is $343 – quite a bit higher than the full-service industry.
This year, in the question about pet fees, we added an option for pet insurance. Respondents say they charge a $20 insurance fee on average. We will expand on this option in future surveys to better understand this trend.
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