Deciding to allow tenants with pets into your rental property is a conundrum most property managers and landlords have grappled with. On the one hand, allowing tenants with pets opens your pool of tenant candidates up significantly. On the other hand, pets can damage your investment property to the tune of costly repairs. Until now, the only option has been to charge a substantial, up-front pet deposit that can be out-of-reach for many renters
Deciding to make your rental property pet-friendly may have just gotten a whole lot easier, thanks to Jetty, a financial services company that now offers pet deposit protection and pet damage insurance policies to help property managers cover pet-related damages and allow tenants with a furry companion to lease a rental without paying an excessive up-front pet deposit.
Jetty Pet can be used alone or combined with Jetty deposit to replace the traditional up-front pet deposit. The coverage offers properties increased protection against pet-related damages and helps streamline the leasing process while keeping move-in costs at a minimum for the renter.
Jetty CEO Mike Rudoy said in a press release announcing the company’s new insurance product, “We always have an ear to the ground on the fundamental problems our partners face, and how we can solve even more of them. Jetty Pet is just another way we give partners the protection they need, while keeping costs low for the many pet-loving renters nationwide.”
According to a nationwide survey of U.S. renters, more than 70 percent of pet owners have decided against applying for a rental home or apartment because the costs to have a pet were too high. The high up-front costs can have a negative impact on the number of qualified applicants at pet-friendly buildings that require a hefty pet deposit. However, without the added protection a pet deposit provides, properties risk exposure to pet-related damages and unforeseen expenses, which can add up to substantially more than a pet fee might cover.
Jetty Pet provides pet damage insurance protection rental properties while making it more affordable for pet owners to move into a new apartment.
Renters pay a one-time fee to Jetty, which replaces a traditional pet deposit. A fee of $200, for instance, covers a potential $1,000 in damage. A traditional $200 pet deposit covers only $200 of potential damage (which is why most pet deposits are higher).
Property managers can benefit from marketing a lower move-in cost for pet owners and fill more vacancies faster with the added protection of an admitted, non-pooled insurance product and generating ancillary revenue for the property owner’s portfolio.
Pets are capable of causing far more damage than a traditional pet deposit might cover. Property managers can get more coverage without raising move-in costs.
In addition to eliminating high, up-front pet security deposits through Jetty Deposit, Jetty renters have better access to vacancies due to reduced move-in costs for qualified renters and rental properties gain a competitive edge.
Rental properties also benefit from a streamlined operation process. By adding Jetty Pet damage insurance to Jetty Deposit, both are replaced by one fee. Property managers don’t have to worry about managing checks, and there is less confusion for residents.
Jetty works with property managers across the U.S. to increase lease-conversion rats and streamline operations, hereby increasing net operating income.
Jetty’s pet insurance products are written on A-rated paper, and are admitted in 49 U.S. states and D.C, which means they have been approved by those states’ insurance departments, providing additional consumer protections.
Jetty may have the solution for making rental properties more available to pet owners.