If you’re a multifamily property owner or investor and you don’t allow pets, you might be missing out on one of the easiest and most profitable ways to improve occupancy and generate extra income.
According to the American Pet Products Association, more than 70% of U.S. households own a pet. In urban rental markets, that number is even higher. Today’s tenants aren’t just asking about square footage — they want to know if their furry family member is welcome.
Pet-friendly policies are more than a nice gesture. They’re a smart business strategy. In this blog, we’ll explore why embracing pet ownership can reduce vacancy, increase revenue, and improve tenant retention — all while keeping your property under control.
Why Allowing Pets Is a Win for Landlords
-
Increased Demand
In competitive rental markets, “pet-friendly” is one of the top search filters on platforms like Zillow, Apartments.com, and RentCafe. Allowing pets opens your doors to a wider tenant pool, which means faster leasing and lower vacancy loss. -
Higher Rent and Fees
Pet owners are often willing to pay more for housing that welcomes their animal companions. This gives you multiple revenue streams:
-
Pet rent: typically $25–$50 per pet per month
-
Non-refundable pet fees: often $200–$400 upfront
-
Pet security deposits (in refundable models): extra protection for potential damage
-
Better Tenant Retention
Tenants with pets move less frequently and are often more appreciative of landlords who allow them to keep their animals. A pet-friendly policy fosters loyalty and longer lease terms.
How to Build a Pet-Friendly Strategy That Works
It’s not about opening the floodgates to every animal — it’s about setting clear, reasonable policies that benefit both tenant and landlord.
Set Boundaries
-
Limit the number of pets per unit (e.g., no more than 2)
-
Set size or breed restrictions if needed
-
Require vaccination records and licensing
Screen Pets Like Tenants
Consider using pet screening services (like PetScreening.com) to assess pet behavior history and health information. This helps reduce the risk of problematic animals.
Define Pet Rules in the Lease
Clearly state expectations around noise, cleanliness, leashing, waste cleanup, and damage responsibility. The more specific your agreement, the better your ability to enforce standards.
Boost Value with Pet-Oriented Amenities
Adding a few thoughtful features can elevate your property’s appeal and give you a competitive edge:
-
Pet relief stations or pet waste bags
-
Fenced dog parks or walking trails
-
Pet washing stations (great for mid-sized to large properties)
-
Indoor or outdoor pet play areas
These amenities don’t need to be high-budget. A small fenced area, some signage, and regular waste management can dramatically improve tenant satisfaction.
Handling Risks Without Fear
The biggest hesitation landlords have about pets is the risk of property damage, noise complaints, or insurance issues. Here’s how to address them:
-
Charge pet rent and use it to cover increased cleaning or wear-and-tear
-
Limit pet types or breeds if insurance coverage requires it
-
Use deposits or non-refundable fees to offset repair costs
-
Consider insurance riders or umbrella coverage if liability is a concern
When managed proactively, these risks are small compared to the potential upside in occupancy and income.
Marketing Tip: Advertise Your Pet-Friendly Status
If your property is pet-friendly, shout it loud and clear! Highlight it in your listings, photos, social media posts, and website. Many renters search with “pets allowed” filters — so don’t miss this visibility.
Real-Life Impact
Consider this: A 50-unit building that allows pets could earn $15,000–$30,000 per year in pet rent alone. That’s before adding value through renewals, lower vacancy, and improved resident experience. Over 5 years, that could translate to over $100,000 in added income — and possibly hundreds of thousands more in valuation based on increased NOI.
Conclusion
You don’t need to be a pet lover to appreciate the numbers. A well-structured pet policy turns an emotional tenant need into a powerful NOI booster. With thoughtful rules, screening, and simple amenities, you can tap into a massive market of responsible renters who are eager to stay — and happy to pay.
Still unsure whether going pet-friendly fits your portfolio? Let’s build a policy that increases value and protects your investment.
