How Pets Can Slow Minneapolis Duplex Turnovers

Let’s face it. Tenant turnovers can be a pain. No matter how carefully a tenant cared for the unit, it seems there’s always more to do before it can be rented to a new resident. And if it happens often, it can get old.

How can you reduce turnover?

One way may be to allow pets.

Tenants with pets generally stay longer than those without, often renewing leases for significantly longer periods.

According to a study by Firepaw, tenants with pets may stay, on average 23 months compared to 15 months for those without.  Because they stay longer, landlords avoid frequent, costly unit turnovers and, on average, fill vacancies faster (19 days vs. 29 days for non-pet rentals).

Multiple industry surveys (e.g., National Apartment Association and large property management portfolios) consistently show pet owners are more likely to renew as they have fewer housing options.

Allowing pets also taps into a larger tenant pool, as roughly 70% of U.S. households own pets.

While some landlords worry about property damage, studies suggest the benefits of longer, more stable tenancies often outweigh these concerns. After all, longer tenancies result in fewer turnovers and the costs associated with them.

That said: pets don’t automatically equal better tenants. Screening and systems matter.

Before leasing to someone with pets, it’s important to have a wrtten pet policy and screening criteria. You may want to include breed and weight limits. Many insurance policies won’t cover incidents involving specific dog breeds. Be sure to check with your provider.

Request proof of vaccination, information about the pet’s age, whether its spayed or neutered, and ask about its behavior history. For example, has it ever been aggressive or bitten anyone?

It’s important the policy distinguish betweeen pets, emotional support and service animals. Emotional support and service animals are protected under the Fair Housing Act. This may exempt the tenant from having to pay extra fees like a pet deposit, fee or monthly pet rent. It’s important to check with the state as there may be exemptions for building size.

For pets that aren’t service animals, housing providers can require a pet deposit, non-refundable pet fee and monthly pet rent. The goal of these fees isn’t profit. It is to help offset wear and tear and price for risk.

How can you make sure to pre-emptively mitigate risk?

Take timestamped photos of floors, doors and trim prior to move-in. Use a move-in checklist. Provide the resident with clear cleaning expectations. At move-out, use a black light to find and document pet urine. If found, be sure to docuement the costs of odor remediation. You may only charge for any damage that is in excess of normal wear and tear.

In addition to a lease, you should include a pet addendum that covers:

• Noise (barking)
• Waste disposal requirements
• Damage responsibility
• Insurance requirements (renters insurance with liability coverage)
• Limits on pet sitting/temporary animals
• Crating when the pet is left home alone. (Dogs, ferrets, etc.)

That sounds daunting. However, tenants with pets are not inherently higher risk. Unscreened tenants are.

Pet-friendly policies can become a competitive advantage — not a liability.

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