Great news for landlords, we are experiencing a massive surge in demand for rental properties, but, the overwhelming majority of the inquiries are for pet friendly rentals or by prospective tenants that own pets. By a ratio of at least ten-to-one, our pet friendly rentals are seeing an unprecedented amount of demand compared to those properties that do not allow pets.
A few facts to consider:
Canadian pet owners were estimated to spend $8.3 billion dollars on their pets in 2018
73% of Millennials own a pet
Millennials are projected to overtake Baby-Boomers as the largest living adult generation.
What does this mean to you? If you can’t beat them, join them. You may want to consider adapting and making your rental property pet friendly. There are ways to minimize the potential for pet damage to your home and actually make your property pet friendly. Has your carpet or laminate flooring seen better days consider replacing it with vinyl plank flooring. This flooring will stand up to wear and tear from animals (and kids). Have a dog run installed. Dogs can and do damage grass, so why not create a space for them at the side of the house where often grass doesn’t grow well anyway. A little river rock gravel and some chain link fence and you have just protected the rest of your yard. Charge a premium, pet-friendly properties can command higher rents, and have lower tenant turnover. Pet owners are usually willing to pay a higher rent in order to keep their pet, and are less likely to move due to the lack of pet-friendly options.
If you are having trouble renting your property, you may want to consider making it a pet friendly property. Discuss your options with your Property Manager.
I hope you all have a wonderful Canada Day and have a chance to spend time with your friends and family.
Jamie Palmer CPM®, Realtor®, B.Sc. (Hon).