Have you heard that around 70% of households in America own at least one pet?
The decision to allow tenants with pets in an investment property is a topic of debate among landlords and property managers. While there are certainly pros and cons to consider, allowing pets can have several advantages for both landlords and tenants.
Can't decide if you should let pets in a rental property? Read on for some fascinating benefits that could sway you.
1. Expanded Tenant Pool
By opening your doors to tenants with pets, you significantly expand your potential tenant pool. A large percentage of people own pets as you know now. Finding a welcoming rental property can be a struggle for them.
You can attract responsible pet owners who are willing to pay a premium for pet-friendly accommodation. This increased demand can lead to reduced vacancy periods. You'll always have a steady rental income.
2. Increased Tenant Satisfaction and Retention
People love their pets so much that they'd call them part of their family. Being able to keep their furry companions with them can make a rental property feel more like a home.
Having a pet-friendly rental can contribute to tenant satisfaction. This will also enhance tenant retention rates. Every property owner should strive to reduce turnover costs and maintain a stable occupancy rate.
3. Higher Rental Yields
One of the most attractive benefits of tenants with pets is that they're often willing to pay higher rents. They may even be willing to sign longer lease terms. They can secure a home that accommodates their beloved pets.
Moreover, pet owners tend to stay in one place for longer periods. This minimizes the risk of frequent turnover and associated costs. The increased demand for pet-friendly rentals can boost your property's income and overall return on investment.
4. Responsible Tenants and Lower Property Damage
Contrary to common misconceptions, tenants with pets can be just as responsible and caring as those without. In fact, many pet owners are more conscious about maintaining a clean and damage-free living environment to ensure the well-being of their pets.
When screening potential tenants, you can request references from previous landlords or veterinarians to gain insights into their pet's behavior and the tenant's ability to maintain a well-kept rental property. Pet owners are often more inclined to report any property issues fast as well. They're invested in maintaining a safe and comfortable home for both themselves and their pets.
5. Positive Community Environment
Allowing pets in your rental property can contribute to fostering a positive community environment. Pet-friendly communities often encourage social interaction among residents. This creates a sense of belonging and camaraderie.
Pet owners may organize events or establish groups dedicated to pet-related activities. These communities can lead to a higher quality of life for tenants. They can connect with like-minded pet owners and build lasting relationships.
It's Worth Considering Pets in a Rental Property
It's clear that there are tons of pros and cons of tenants with pets to consider. While there are valid concerns, the benefits of accepting pets in a rental property are incredible.
Running an amazing rental property business is much simpler with a property management company. Contact 1st Choice Property Management if you'd like to hear how our services will help.
