Between its hundreds of miles of hiking trails and wealth of beautiful parks, Colorado Springs is a welcoming haven for pet owners. In fact, the Centennial State ranks in the top five most pet-friendly states in the US, according to BringFido.com. It’s no surprise that a Colorado Springs pet-friendly rental is a hot commodity for prospective renters - but how do landlords benefit from four-legged tenants? Whether you choose to allow dogs, allow cats, or allow all types of common household pets, providing a pet-friendly rental offers incentives that will have you wagging your tail. In this article, we’ll explain why Colorado Springs rental property owners win when they allow dogs (and cats).
Get More Applicants and Higher Rent for Your Colorado Springs Rental Property
Americans love their pets, as underscored by data from American Pet Products (APPA) National Pet Owners Survey of 2023-2024. According to their findings, 66% of US households own at least one pet. But what does that mean for you and your Colorado Springs rental property?
Simply put, offering a pet-friendly rental makes your unit more appealing to potential renters - and savvy Colorado Springs landlords are catching on. The blog Hire a Helper recently reported that 86.3% of Colorado’s rental listings are pet-friendly. To break that down further, 85.4% of Colorado rental listings allow dogs, and 79.3% allow cats, according to the report. To stay competitive, all Colorado Springs rental property owners should consider allowing pets as well.
Plus, it’s clear that droves of renters are seeking out a pet-friendly rental. Per a study from Bark and Zillow, “twice as many renters filter for pet-friendly listings than for any other amenity in the 25 largest rental markets across the US. That means renters are first filtering for ‘pets allowed’ apartments ahead of what some people may see as necessities, such as a washer and dryer, parking, or a dishwasher.”
If you’re still on the fence about offering a pet-friendly rental in Colorado Springs, this data shows the potential benefits in the form of an expanded tenant pool, which also means a shortened vacancy rate. Additionally, an analysis of the Journal of Real Estate Finance and Economics found that landlords without restrictions on pet ownership saw an 11.6% rental premium over landlords who did not allow pets (after controlling for waterfront rentals, vacancies, age, number of bedrooms, and other factors), per BestFriends.org.
But more potential tenants, shortened vacancy rates, and increased rent aren’t the only wins for Colorado Springs landlords considering if they should allow pets at their rental property. Let’s discuss how rental property owners who allow dogs keep tenants longer.
Increase Chances of Resigning a Tenant
Pet owners aren’t just looking for any Colorado Springs rental property that will allow cats or dogs; most are looking for somewhere to live long term, and that often translates to a significantly longer tenancy than renters without pets.
A new report from Michelson Found Animals’ Pet Inclusive Housing Initiative supports this theory. Their findings show “that pet-inclusive policies drive resident retention, with tenants staying up to 21% longer - reducing costly turnover and vacancy losses.”
In short, keeping your residents (and their four-legged friends) happy and comfortable in your rental property will increase your chances of resigning a quality tenant year after year. And that’s great news because Colorado Springs landlords are allowed to charge pet-related fees that can boost your bottom line.
Charge Additional Pet-Related Fees
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Beyond the increased tenant satisfaction and loyalty that comes when you offer a pet-friendly rental, landlords stand to benefit from additional pet-related fees. Specifically, Colorado Springs landlords can charge a combination of pet fees, pet rent, and a pet deposit. Before we dive into how much you can charge to allow dogs and other pets, let’s highlight House Bill 23-1068.
Effective January 1, 2024, HB 23-1068 set rules regarding pet ownership in housing, including how much rental property owners can charge pet-owning renters. The law dictates that “the amount of an additional security deposit a landlord can receive from a prospective or current tenant as a condition of permitting the tenant's pet animal to reside at the residential premises [must be limited] to a refundable $300. Additionally, a landlord is prohibited from demanding or receiving additional rent from a tenant as a condition of permitting the tenant's pet animal to reside at the residential premises in an amount that exceeds $35 per month or 1.5% per month of the tenant's monthly rent, whichever is greater.”
In other words, Colorado Springs landlords with a pet-friendly rental can charge a $300 refundable pet deposit along with monthly pet rent in the amount of $35 or 1.5% of the tenant’s monthly rent.
Most pet owners are responsible and won’t let their animals inflict undue damage, which means that you can pocket the profit from the pet rent itself. And if there is pet damage upon move out, you can use the pet deposit to restore your property as needed.
Conclusion
Colorado Springs rental property owners have much to gain if they allow dogs, cats, and other pets, from more applicants to increased profits.
By working with a professional property manager, you’ll enjoy all of the benefits of offering a pet-friendly rental unit without the fear of pet-related damage. A professional property manager, like Evernest, will make sure that all of the language needed to protect your rental property from pet-related damage is included in your lease agreement from the outset, and we handle everything from collecting the pet deposit to conducting regular inspections. We will also make sure that any pet-related issues are resolved before re-renting your property.
