As an apartment complex owner, you may have a strong stance for or against pets on your property. Dogs and cats can provide an opportunity for unnecessary damage, like scratches on doors and blemished floors. But, if you prepare your housing complex to be pet-friendly, with durable materials and dog stations, you'll be better in the long run. The American Pet Products Association estimated that $60.59 billion was spent on pets in 2015, up 25 percent from previous years. With the following reasons, you'll see why offering a pet-friendly living will benefit everyone.
It's no secret that having a pet or two is not an uncommon quality for anyone. If you open your doors to pet owners, you'll have a new market of people you previously didn't reach. This is especially noteworthy for apartment or condo managers that have difficulty filling in vacancies. By adding pet-friendly policies to your contracts, you'll have a higher chance of not leaving money on the table and attracting renters that see being pet-friendly as a deal breaker.
Because you're taking on the extra risk for your apartment complex, you have the grounds to ask for extra costs for potential damage. Pet-friendly developments typically charge a pet fee that can be implemented in a lump sum annually or per month. This can be done considering the pet's weight—under or over 100 lbs.—or whatever way you see fit. Pet parents understand the need for prohibitive measures and will comply, but you must first check state and local laws to put the right language in lease agreements.
With the influx of pets and pet owners in your area, you should also accommodate to their needs and interests. A central dog park for pets and their owners to enjoy, with convenient dog stations, will be a hit with your new residents. A dog park is cost-effective, because it's cheaper than adding a clubhouse or pool, and serves as a benefit for all residents. Along with a pet washing station, those qualities make it enticing for renters to come and stay.
Assessing your budget, what you can legally do and preparing for pets will offer new opportunities for your apartment complex to charm pet owners to rent, spend money and stay longer.