Allowing Pets Can Increase Rent Revenue for Orlando Florida Property Owners

Landlords Who Allow Pets Are Likely to See 20-30% More in Rent Than Those Who Do Not

Orlando, FL– Landlords in Orlando who own investment property are finding allowing pets increase their profitability. By adding pet-friendly units to their investment portfolios they can increase their rents. A nationwide study conducted by FIREPAW, a non-profit organization, found that by allowing pets in rental properties increase profits. Their research found that the biggest reason pet owners gave up their pets was housing issues where pets are not allowed. Even though pet owners are willing to pay more in rent to keep their animals, there is still a shortage of landlords willing to accept pets.

“Because of their ability to charge a separate pet deposit that can range anywhere from 40-85% of the rent up front, property owners who allow pets in their properties are seeing their bottom lines increase substantially,” said Lukas Krause, Chief Executive Officer of Property Management Business Solutions, the franchisor of Real Property Management. “Real Property Management encourages Orlando property managers to allow pets whenever possible to assist them in achieving financial goals faster.”

Pets Increase Rents by up to 30%

Also, the study clearly indicates the rent differential between housing accepting animals and those who do not was 20-30% higher on average, which equates to an average overall increase in profitability per unit for participants in the study showed an net benefit of $2731 per unit per year. Some additional benefits for landlords that allow four-legged friends include:

• Longer lengths of tenancy (48 months vs. 18 months)
• Lower vacancy rates (about 50% less)
• Less marketing needed per unit (takes only 19 days vs 29 days to rent)
• More applications received per unit (2 times the number of applicants)

Increase Rents far less than Pet Damage

Most Orlando investment property owners think that there is potential damage to the property by allowing companion animals. They are also concerned about possible issues with noises disturbing other tenants or neighbors. Some may worry about insurance issues. While it is true that allowing animals will increase insurance costs, the relatively small costs are offset by the premium rent received. Some damage is reported by landlords who allow four-legged friend in their units. However, the cost of the damage averaged $430, which is far less than the rent deposit paid.  Therefore, landlords can subtract these damages from that deposit and not be out any money. In fact, the data collected from this study shows the amounts of damage from tenants with pet-companions is only slightly higher than that caused by tenants without pets.

FIREPAW Non-Profit for Pet Friendly Housing

FIREPAW works with landlords and property managers to help them maximize their profits while minimizing damages associated with pet friendly housing. Therefore, the non-profit organization created a Companion Animal Renters Program (CARP) that offers economic assessment, needs assessment, tailor-made programs, customized pet policy, pet agreements, and a custom-made animal perk package.

Real Property Management Freedom in Orlando is the nation’s leading property management firm. With nearly 30 years in the Orlando property management industry. Because the company’s goal is to provide unrivaled customer service that save property owners time, money, and the headache often associated with Orlando property management, we believe that good animals should be allowed. For more information on their services, visit www.FREEDOMrpm.com.