by Victoria Cowart
Crafting the ideal pet policy for your portfolio can be a challenging undertaking. On one hand, you have today’s renters, who are more passionate about their pets than ever. According to a 2023 survey by Cortland, pet policies are the top consideration for dog-owning apartment residents when they’re looking for their next rental home. So, to remain competitive in today’s marketplace, operators should seek to be as pet inclusive as possible.
On the other hand, property owners and managers still need to manage risk in a way that’s right for their organizations and communities. In the end, there is no one-size-fits-all policy for the entire industry; however, the following are some elements to consider when building a pet policy.
Read Victoria Cowart’s article in UNITS.
This is a very thoughtful article, and we at the Pet-Inclusive Housing Initiative are in full agreement that today’s rental housing operators have much to gain from thoughtfully reevaluating breed and size restrictions, as well as ensuring pet deposits and/or fees remain reasonable.
Not only are restrictive policies outdated and rooted in misconception rather than science and data; they create a huge disconnect between pet-owning renters and apartment communities who consider themselves “pet-friendly” when renters are looking for “pet-inclusive” They also open the door for ESA fraud, which steals time and energy from site staff and has the potential to create ill will among rental housing consumers.
The fact is, with 2 in 3 households including a companion animal, welcoming more pets on site can expand the renter pool, create greater retention, and enhance NOI via decreased turnover costs and vacancy loss. For data and resources on the why and how of becoming truly pet-inclusive, please visit petsandhousing.org, or contact us at info@petsandhousing.org.