Renters with animals pay nearly $2,000 more a year

Are you paying a ‘PET’ premium? Renters with animals pay nearly $2,000 more a year than those without – after number of households with pets rocketed during the pandemic

  • Rental property that accept pets cost more than $160 per month on average
  • The number of Americans that own pets increased by 13 percent in three years
  • It comes as rental costs across the U.S. are soaring to new highs

Rental properties that allow pets cost nearly $2,000 more per year on average, new data shows.

The median monthly rent for properties advertising that pets were permitted was $2,061, whereas the median rent for those that did not was $1,898, according to figures from rental marketplace Zillow.

And the number of American renters that own pets is on the rise too. More than 59 percent of renters reported having at least one animal in 2022, up from 46 percent in 2018 – a shift that has been attributed to the rise of working from home and loneliness caused by the pandemic.

But only 54 percent of rental listings on Zillow explicitly state that pets are allowed. That varied across the country, however as Texas was named the most pet-friendly state in the U.S. overall.

 Rental properties in the U.S. that allow pets cost nearly $2,000 more per year on average

 The number of Americans that own pets increased by 13 percent in three years – thanks in part to an increase in working from home

Zillow ranked the cities based on what proportion of its listing allowed pets and found that Austin had the most pet-friendly rental housing stock, with 80.8 percent of listings stating pets were allowed.

It was followed closely by Dallas and Fort Worth, with 78 and 77.2 percent of adverts noting a tolerance for pets. Those three cities were followed by Charlotte, North Carolina, and Denver, Colorado, with 76.6 and 76.5 percent.

A spokesperson for Zillow also said the ‘pet-friendly’ filter is the most widely used filtering tool among those looking through rental listings on the website. It allows potential tenants to hide properties that don’t allow big dogs, small dogs, or cats. 

Additional costs on renters with pets are justified on the basis that they incur additional wear and tear on the property. 

In addition to charging more in rent, landlords have a number of other ways to charge tenants with pets – those include pet deposits, fees and rent.

Pet deposits are like security deposits, and see the renter pay a fee at the beginning of the tenancy that should be refunded at the end should no serious damage be caused by the pet. 

According to Zillow, the typically range from between $200 and $500. 

A spokesperson for Zillow said the ‘pet-friendly’ filter is the most widely used filtering tool among those looking through rental listings on the website

Another way to charge tenants is by way of pet fees – a non-refundable fee paid by the tenant for keeping a pet in the rental property. They can range from less than $100 to more than $500, depending on the size of the pet. 

Pet rent is an increasingly prominent means of charging renters with pets, and sees landlords charge an additional rent each month – between 1 and 3 percent.

The Humane Society of America notes that renters with pets often have trouble finding housing due to their pets – and claims that in turn can lead to increased numbers of pets ending up in shelters.

In its 2022 rental guide, Zillow advises that if a rental listing is garnering limited attention, it may be time for the landlord to consider accepting pets.

It comes as the cost of rental properties soar and Americans face the toughest market in years. Rent in New York City hit a new high in July, averaging $5,588 a month, up 30 percent since 2019.

Source: Read Full Article