As a property owner, there are many benefits to allowing pets in your rental.
Tenants own pets for several reasons. Pets can lessen stress, increase happiness, encourage a more active lifestyle and more. However, some rental properties aren't open to accepting tenants with pets.
It is completely understandable if you feel hesitant to welcome renters with pets in your rental. That said, there are many advantages in doing so. In this article, Windermere Property Management will list all the advantages of being a pet-friendly rental property.
When you decide to adopt a pet-friendly policy, here are some of the benefits you'll experience:
1. Tenant Loyalty
For renters with pets, finding a rental can be a challenge as not all properties allow pets.
So, when a tenant finally finds a pet-friendly property and moves in, they're highly likely to stay long term. Unless it's for a good reason, such as a company relocation, they're likely to renew their leases. Also, pets appreciate familiar surroundings, so moving around with a pet can be tough.
That's why, if a tenant enjoys your rental unit and they are treated fairly, they are bound to become very loyal tenants.
2. Responsible Renters
Owning a pet means taking on additional responsibilities. Tenants must be organized and schedule vet visits, feeding times and outdoor recreation for their pets. Taking care of a pet requires a lot of maturity and responsibility. And, needless to say, a mature and responsible tenant is the type of tenant you want!
If a renter is responsible enough to take care of a pet, you can trust that they'll also take care of your rental unit. Also, these renters know how difficult it can be to find a rental space that's pet-friendly, so they'll likely follow the rules to avoid the risk of eviction.
3. Increases Prospects Outreach
A recent survey done by American Pet Products Association (APPA) revealed that 67% of US households have a pet. This means that many people are looking for a pet-friendly rental accommodation. By having a pet-friendly rental policy, you'll be tapping into a huge market.
Competition-wise, you'll be able to gain plenty of prospects applying for a rental. What's more, most of these applicants will likely be high quality ones. Based on the statistics above, you'll have an easier time finding tenants.
4. Happier Tenants
Pets help regulate emotions and eliminate stress. When you grant tenants the opportunity to own pets, you're enhancing their personal quality of life.
What's more, happy tenants often stay for the long-term. So, creating an environment that enhances a tenant's happiness also leads to your happiness as a landlord as well.
5. Fewer Rental Vacancies
Unoccupied rental units can be a burden. You'll need to calculate and budget for monthly maintenance expenses without an income to offset the costs. However, by renting to tenants with pets, the probability of a vacant rental space is lower.
Additionally, if you have reduced rental vacancies, you won't need to deploy marketing strategies as much. Moreover, even when a tenant moves out, it's far easier to attract tenants if you allow their pets to live on the rental property. This leads to more savings for you, both in time and money!
Risks in Welcoming Pets
Like with anything, there are inherent risks to welcoming pets in your rental unit. That said, the benefits tend to far outweigh the drawbacks.
Some of these risks can include:
- Potential for property damage
- Disturbing neighbors
- Pet Odors
You can mitigate the risks by:
- Creating a pet clause
- Collecting a pet deposit
- Asking for pet references
- Conducting a pet screening
- Adding restrictions, such as size, breed and number of pets
While there may be some disadvantages of renting to tenants with pets, the advantages are clear! As a property owner, you should definitely consider a pet-friendly rental property.
As an overview, the benefits include:
- Loyal and responsible tenants
- Happier tenants
- A wider pool of prospective tenants
- Additional income
- Fewer property vacancies
For more information, feel free to contact Windermere Property Management.