At Real Property Management, we stress the importance and effectiveness of maximizing your asset. Whether it’s reducing vacancy, placing high-quality tenants or proactive maintenance processes, there is always somewhere to improve. But have you really thought about the importance of pets and their lasting impact? Maybe a little bit? Well, let’s talk about it here.

Let’s talk numbers…

According to Statista, there were 8.1 million household cats and 7.7 million household dogs in Canada in 2020. In 2020, Canada’s total population was estimated to be around 37.7 million people. Meaning, 21.5% of Canadians were cat owners, and 20.4% of Canadians were dog owners, or 41.9% of the population were pet owners in 2020 (not including overlap).

Why does this matter?

Plain and simple, pets are an important member of a person’s family. I don’t know about you, but as a pet owner myself, I could not imagine parting ways with my pet to live in a rental property for a small portion of my life. Rationally, it just doesn’t make sense, and I know other renters feel the same way.

By not allowing pets in the property, you essentially eliminate 41.9% of prospective tenants who could have been a perfect fit for your asset. Meaning, every two out of five inquiries are immediately rejected before they are given a chance. Or think of it as money. For every $100 you have, you are throwing away $42 “just because” – this significantly adds up over time. When you think of it this way, it makes no sense why an investor would want to limit their rental property’s potential. Who knows, maybe one of the 41.9% potential tenants was the perfect fit with long-term plans to remain in the rental, but you never found out because they were eliminated before they were given a chance.

Pros of allowing pets in your rental property

• Increased tenant pool during the application and leasing process. More options to choose from for a tenant who will help contribute to you, an investor, maximizing your asset.
• Potential to charge higher rent. Okay, let’s talk economics (sort of?).  Lots of investors choose not to allow pets on their property. The limited supply of pet-friendly properties and high renter demand gives your property a competitive advantage in the market, allowing for an opportunity to charge a bit higher for rent.
• Pet owners tend to stay in a rental that allows pets longer. Think about it, if a high-quality pet-owner tenant is happy in the property, gets along with the investor and Property Manager, and is treated respectfully, there is a higher chance they will continue renewing their lease. What does this mean to the investor? When a tenant renews their lease, this minimizes the time and money it takes to advertise the property and minimizes incurring lost income from vacancy, therefore maximizing your asset.
• Pet owners are responsible tenants. Let me explain. If a person, couple, or family is responsible to care for a pet, typically this correlates with positive and respectful behaviours during the residency.

Moving forward

All of this information may seem overwhelming if you are on the fence about allowing pets in your rental property. Don’t worry, allowing pets does not mean you need to allow all types of pets in the property. We’ve seen a variety of combinations from investors, these include but are not limited to:

•   Only cats
•   Only dogs
•   Only small dogs
•   Cats and small dogs
•   Cats and large dogs
•   Cats and dogs

Conclusion

“Pets are not our whole life, but they make our lives whole” – Roger Caras

Before making a quick second decision, take a minute and place yourself in the tenant’s shoes. Pets are family, and our tenants’ lives and needs are important. The decision on allowing pets could change your trajectory of investing moving forward and leave a positive impact on the people it affects.

Let us answer your questions and walk you through your options as an investor, email us at: professionals@realpropertymgt.ca