Pet Deposits: How Much More Money Renters With Pets Pay | HotPads

Pet Deposits: How Much More Money Renters With Pets Pay

San Francisco (January 7, 2015) If you've ever searched for an apartment with a pet, you've probably wondered if you are paying more than a renter without a pet, a.k.a the "pet premium". Well, the answer depends on where you live. In some cities, like Washington DC, you could be paying an average of about $200 more to rent with a pet. HotPads has found that across the top 13 cities/metro areas, pet-friendly rentals command a 3.5% premium on average. HotPads has compiled rental data from apartment buildings around the nation to show which areas renters are paying the highest and lowest rental premiums for renting with a pet. These figures only take into account the monthly rental price of the apartment, not additional costs of owning a pet like pet deposits, dog walking services or food costs.

Where You Will Pay More Renting With A Pet

  1. Atlanta, GA - 19% + ($164.75)
  2. Queens, NY - 11.8% + ($205.63)
  3. San Francisco, CA - 11.6% + ($153.63)
  4. Washington DC - 11.5% + ($183.75)
  5. Manhattan, NY - 9.2% + ($312.25)
  6. Philadelphia, PA - 3.5% + ($53.75)
  7. Houston, TX - 1.6% + ($9.25)
  8. Chicago, IL - 1% + ($2.50)
  9. 9. Brooklyn, NY -1.4% -$183.75 10. Boston, MA -2.6% -$65.63 11. Dallas-Fort Worth, TX -3.8% -$96.13 12. Los Angeles, CA -5.8% - $145.38 13. Miami-Fort Lauderdale, FL ? 10.7% -$197.50

median chart of rental rates with pets

Economic Explanations

Landlords that have expensive rentals have a lot more to lose when those units sit vacant, making them incentivized to be more lenient toward allowing renters with pets to occupy the unit. The opportunity cost is greater for an apartment that rents for $3,000 than it is for a $1,200 rental. Think about all of the HOA fees, property taxes and maintenance costs that high-end properties cost landlords. In cases like Manhattan or San Francisco there are already high rents but there is also population density and demand, which means pet-friendly listings are harder to come by.

Our Methodology

We used rentals listings in apartment buildings from HotPads rental search database from September 2014 to October 2014. The data was broken down by city/metro area. In each city/metro area, 25 percent of listings from the oldest apartment buildings were dropped. This was done in order to account for antiquated buildings? wear and tear and higher likelihood of being listed as pet-friendly. Only listings with 2 bedrooms or less were used. We broke down each city/metro area?s listings data into 4 tiers, based on the age of the building a listing belongs to. We calculated the dollar and percentage difference in asking-rent-price between listings that are explicitly pet-friendly and listings that are not for each of these age tiers. We then took the average of these dollar and percentage premium in order to get the pet premium for that given city/metro area. The rent prices used for our calculation, and thus our calculated premium numbers, do not include pet deposits that landlords typically require.

About HotPads

At HotPads, we think that it should be easier to find your next place. That's why we've built the most comprehensive and interactive rental search marketplace. HotPads combines powerful search tools, layers of data, and an innovative user interface. We're simplifying the rental search process and helping renters make smarter decisions about renting. Our map-based search, gives users access to the best rentals on the market. Acquired in 2012, HotPads is a Zillow, Inc. company and part of Zillow's portfolio of real estate and home-related marketplaces. For more information on Zillow, Inc. and the company's other businesses, visit Zillow's website.

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