Homes that allow pets rent more quickly, according to a recent study.
A recent analysis by Zillow highlights a notable trend in the rental market: pet-friendly listings are increasingly popular among prospective tenants. The study, which examined over 11 million rental listings on Zillow’s platform from the previous year, revealed that properties allowing pets not only generate more interest but also lease significantly faster than their pet-free counterparts. On average, landlords were able to find tenants for pet-friendly rentals eight days quicker.
In the Philadelphia metropolitan area, the appeal of pet-friendly units is particularly pronounced, with approximately 60% of rental listings on Zillow being designated as pet-friendly. These listings also resulted in faster tenant turnover, with landlords securing renters a median of four days sooner compared to non-pet-friendly properties. This trend reflects broader shifts in demographics and consumer behavior, particularly as homeownership becomes less attainable for many individuals. As a result, a growing number of older renters are leasing longer and are more likely to have pets.
According to the data, 58% of renters currently own a pet, a significant increase from 46% just four years prior in 2019. This shift illustrates how pet ownership is becoming a common factor in rental decisions. Pet owners often prioritize their animals’ needs, sometimes choosing to spend lavishly on luxury pet accommodations while they are away from home, highlighting their commitment to providing quality care for their pets.
The influx of new apartment constructions in Philadelphia has created a more competitive rental market, pushing landlords to find innovative ways to attract tenants who now have more housing options than ever before. In response, many new developments are incorporating pet-centric amenities such as dog parks, grooming spas, and specialized fitness areas for pets.
Experts suggest that allowing pets can serve as a strategic advantage for landlords looking to fill vacancies. With today’s renters being more established and increasingly likely to incorporate pets into their lives, pet-friendly rentals are proving to be a smart investment. In more competitive markets, such as the New York City metro area, the advantages of offering pet-friendly options are even more pronounced, with these properties renting on average 26 days faster than those without such allowances.
As the rental landscape continues to evolve, the emphasis on accommodating pets appears to be an essential component of attracting and retaining tenants, reflecting a broader trend in housing preferences in urban areas.
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