by Karen Aho MSN Real Estate (05/01/09) Apartment owners should reconsider using free rent or a big-screen TV as incentives to lure residents. Instead, they should bill their communities as "pet friendly" and roll out the welcome mat for Spot and Mr. Whiskers. The downside of allowing pets is the mess that isn't involved -- i.e. improperly disposed-of kitty litter, dog excrement in common areas and so forth. But there are many more good and conscientious pet owners than bad ones, and owners need to keep that in mind. National Association of Residential Property Managers President Fred Thompson states, "Somewhere in the neighborhood of 70 percent of your tenants are going to have some kind of pet, so you can't just say, 'No pets allowed.' If you do, you're going to see an extended vacancy period on your investment and that doesn't work out long term." A 2003 study by the Foundation for Interdisciplinary Research and Education Promoting Animal Welfare (or FIREPAW) found that pet-friendly apartments rented in 19 days versus 29 days for non-pet-friendly units. Back then, 9 percent of apartments surveyed allowed all pets, 44 percent limited pets by type or size (most allowed cats) and just 11 percent allowed large dogs. The U.S. Census Bureau reports that the apartment vacancy rate has spiked above 10 percent nationally and topped 20 percent in some areas, primarily because of an oversupply of condo conversions and fewer employed residents. The article gives several tips on how to rent to cats and dogs stress-free. Apartment owners are encouraged to meet potential residents' pets before approving applications. In addition, they should look into various insurance products regarding on-premise pets and request an additional security deposit as opposed to charging additional monthly fees for pets.
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