Renting is typically the stepping stone to homebuying, but the latest data on housing affordability shows that homeownership may continue to be out of reach for many. As such, property owners can expect to see rentals remain in demand, but may have to adjust their policies to incentivize renters.
One policy that can make or break a listing is whether pets are allowed. Pet-friendly status is a nonnegotiable for some renters, even though pet deposits or fees can be costly and typically range between $200 to $500, according to Zillow.
But pet-loving renters located in the South can rest easy, as a recent Zillow report states that Southern states seem to dominate the rankings, with the Midwest ranking high as well. The report states that nationwide, 77% of rental listings allow pets.
Charlotte, North Carolina, for the win
According to the report, Charlotte ranks No. 1 with 91.6% of rental listings allowing pets. Zillow also reports that the average home’s value in the city is $397,231, which is down 1% year-over-year.
Nationally, the median sale price for homes fell to $393,800, according to the latest data from the Department of Housing and Urban Development (HUD) and the Census Bureau for August. Although only slightly higher than the national average, the average cost of rent in Charlotte—around $1,995 as reported by Zillow—sits on the high end of the spectrum, as the national average for rent in the United States is $2,000.
Recently, the city has invested millions of dollars in affordable housing, according to WCNC. Affordable housing communities like Moore Place and McNeil Apartments may be an option for renters looking to raise their pets in the city.
Austin, Texas
Coming in second place, Austin has a share of pet-friendly rentals at 91.5%, just barely under Charlotte. Regionally, Austin sits on the high end of the home price spectrum at an average of $504,148.
Given the steep average home price in the state capital, it’s understandable why so many rentals allow pets: renting is the only option for many families. Zillow reports that the average rent in Austin is $1,980 per month, making it a much more affordable choice for pet-owning families.
Denver, Colorado
Moving westward, Denver ranks third with 90.8% of rental listings allowing pets. Although not a significant drop, Denver basks in its solitude as the only Western market in the rankings.
According to the National Association of Realtors® (NAR), Western states have the highest single-family home price by region at $637,900, which aligns with Zillow’s data on Denver with an average home value of $533,060. Rent in the Mile High City also soars, reaching an average of $2,000.
Affordable housing within the city might be in danger, however, as an ongoing legal battle between Denver and real estate group Welcome to Realty LLC may change local ordinances. The city of Denver sued Welcome—who bought a home in a foreclosure auction—and argued that the company could not buy the home under local affordable housing covenants. As such, renters may see changes to housing requirements in the coming years, depending on how the case ends.
Dallas, Texas
Returning to the Lone Star state, Dallas follows Denver with a pet-friendly listings share of 90.6%. The birthplace of actor Owen Wilson is a much more affordable alternative for prospective homebuyers, compared to Austin that is.
Zillow’s average home price in Dallas is $309,590, nearly $200,000 less than Austin and well below the Southern median. However, rent between the two cities is not as significantly reduced as home prices are. Dallas’ average rent is about $1,960, only about $20 less than Austin’s metric.
Renters and homebuyers interested in Dallas should also look out for new additions to the East Side that may provide more options for food and entertainment. New developments could potentially drive up home prices, however, leaving pet-owning families to continue searching for pet-friendly rentals.
Nashville, Tennessee
Finally, in fifth place, Nashville also has a significant share of pet-friendly rental listings at 90.4%. Yet—out of the top five rankings—Tennessee’s capital has the highest average rent at $2,200, according to Zillow.
Nashville’s average home value is $434,068, which sits above NAR’s regional median for the South, but it is down 3% from one year ago, Zillow states. Renters in Nashville who are fans of Dolly Parton (who isn’t?) might be willing to make the three-and-a-half hour drive to Dollywood, located in Pigeon Forge.
Despite having a higher average rent, Nashville contains a considerable number of rent concessions. In Zillow’s rental market report for July, 63% of rental listings offered concessions, also ranking them at 23% on renter affordability.
For the full report, click here.
