How Pet Policies Impacted Application Packets For Landlords In 2020

Keep this figure in mind while reviewing your lease agreements for 2021.

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Okay so 2020 was a crazy time for us all as people and as property owners. While the past year may have brought many ups and downs, one thing that did remain relatively consistent was how acceptance criteria for pets impacted the number of application packets a property on the Ikos platform received.

We know there are many pros and cons that come with the final pet policy you decide upon. We simply wanted to share with you the data we’ve collected on this matter in Pittsburgh, Philadelphia, Baltimore, and Washington D.C.

This year 12,098 application packets were submitted by renters through the Ikos system. Please note that these packets can contain multiple applications of individual residents (as an example, a single application packet for a three bedroom house may have three individual applicants as part of that packet).

Of those, 3,490 or 29% had at least 1 kind of pet associated with them (large dog, small dog, cat, or “other pets”).

Considering this, are there dozens of other reasons why people take interest in rental properties? Of course. However, if you ever find yourself getting closer and closer to your desired lease start date and traffic is stagnant, keeping an open mind to a flexible pet policy could just be the boost in renter leads you need.

Should you be worried that potential damage caused by pets could add to your property expenses, keep in mind that you can always charge a pet deposit at the signing of your lease. Alternatively, you can also add pet rent to your new tenant’s expenses each month. Not to mention, if no damages end up occurring, that pet rent turns into extra monthly rental income.

Wondering whether a pet friendly policy is cost effective for your property? Ikos Client Advisors can assess your unit. Feel free to contact us below for more information and reference our Owner Knowledge Base for more frequently asked questions.

 

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