Today, 70% of US households have a pet. This means it's very likely that the tenants you come across will want to bring their furry companions.
Many landlords are hesitant to allow pets on their rental properties though, as there's a common belief that they'll cause costly damages. But if you're about to restrict pets on yours, you should think again.
Here's why it's a good idea to allow your tenants to have pets on your rental property.
You'll Attract More Tenants
Having more restrictions means fewer potential tenants. And considering that so many people have pets, a "no pets" rule would exclude a lot of people.
If you're having trouble filling up your units, then allowing pets can open the door to more applicants and therefore, more renters. This can give you a leg up if your rental property's in a competitive area.
You Can Charge More for Rent and Deposits
Because it's difficult to find rentals that allow pets, people are willing to pay more to secure housing. In fact, a study done in 2020 found that pet-friendly rentals charged 20-30% more than the average rent of the area.
They'll also be willing to put down a larger deposit or a separate pet deposit. This should give you peace of mind since if their pets do damage, this amount should cover the repairs.
Pet Owners Take Better Care of Your Property
This is a generalization of course, but pet owners will typically take better care of your property than non-pet owners. They understand that any damage caused will result in a deduction of their deposit or even eviction if it's bad enough, so they'll take extra steps to make sure their units are pristine.
And because it's challenging to find rental units that accept pets, these tenants will truly value and appreciate living in your rental unit. They wouldn't do anything that'd jeopardize their stay.
Pet Owners Sign Longer Leases
Tenant turnover can be annoying to deal with, and not to mention, costly as well. It can also be stressful because you never know if the next renter will be a horrible one.
Pet owners don't want to bounce around rentals with uncertainty, so they'll sign longer leases if they find a pet-friendly property. They're also more likely to renew their leases. This can help you save money in the long run.
It's a Good Idea to Allow Pets in Your Rental Property
As you can see, you stand to benefit if you allow pets in your rental property. Not only does it attract more renters, but it also allows you to charge more, reduce turnover, and increase profits.
So if you were hesitant to allow pets on your rental, hopefully, this article has convinced you that it's a good idea.
If you'd like help with property management, then contact us today. We'll make being a landlord easy.