When choosing tenants for your rental property, you come across many questions and are as careful as possible to make sure you rent out to the right candidates. There are enough things to consider when simply renting your property to people, but what about leasing to tenants with pets? Have you ever thought about the benefits of having animals on your rental property?
In today’s post, we’ve crafted a guide on some of the bonuses for renting to pet owners.
Increase Renewal
In your career as a landlord, one of the biggest costs you will face is vacancy expenses. This is because when your home is vacant, you aren’t receiving any rental income from tenants, as they are none. Every single time a tenant chooses to vacate your property, the vacancy period starts, and you need to find a replacement.
The great plus of having a tenant with pets is that they are far more likely to renew their lease. When they find a property they like that accepts their pet, they won’t want to deal with the hassle of moving again or struggle to find another home that allows pets.
Widen Your Tenant Pool
Another big benefit of allowing pets on your property is that it nearly doubles your renter pool. By allowing pets on the property, landlords have the opportunity to expand the number of potential candidates, thus, increasing their odds of finding the best quality renters. And more than 75% of renters own a furry friend, according to surveys.
Also, the majority of these renters claim to struggle when finding a pet-friendly rental. But if you allow pets at your property, your listing will be the first pet owners respond to.
Make More Money
Consider collecting a monthly pet fee when you accept pets at your property. This isn’t the same as a pet deposit, which can only be used to repair damage caused by the pet.
Instead of a pet deposit, you can ask your tenants to pay a monthly fee or pet rent if they choose to keep a pet on the property. These pet fees are non-refundable and they become profit from your investment. Even a $20 pet rent/month will add up to $240 in additional income each year.
A pet fee should be a bonus besides a pet deposit; however, make sure to check your local laws about how much, if at all, you are allowed to collect a pet deposit or pet fee. You can even ask for your property manager’s assistance if you think you are not that well-versed in the law department of the business.
Improve Reputation
Pet-friendly properties gain the support of their community by creating pet policies that save animal lives. In an article by CNN, it states there’s been a surge in owners abandoning their pets due to an inability to find pet-friendly housing. Unfortunately, many landlords are being blamed for these instances of animal abandonment because of the lack of pet-friendly housing.
While it’s up to every property owner to make their personal decision if they want to allow pets or not, you have to pay attention to the positive effect you can have in offering homes to pet-owning renters and their furry companions.
More Responsible Tenants
Taking care of pets is hard work, as vet checkups, scheduled feedings, and regular exercise are involved. That’s quite the commitment and discipline needed in order to maintain such a routine. This kind of focus and dedication often ripple out to other areas of life, ensuring you have a responsible and long-term tenant.
Emotional Benefits
Many studies have revealed that having an animal companion can reduce stress, anxiety, depression and can even improve overall physical health. As another benefit, these support pets can provide a sense of security and safety, as well as companionship, making the tenants feel more comfortable and safe in their homes.
Promotes A Sense Of Community
Pets not only alleviate stress, but they also promote a sense of community and a better atmosphere overall. Pet owners report stronger neighborhood social connections than non-pet owners, according to a newly published study.
They were consistently more likely to report social benefits such as helpfulness, friendliness, and trust. This research adds strength to claims that pet ownership is a valuable and positive feature in the community.
Conclusion
Allowing pets on your property doesn’t have to be a source of stress. With more renters to choose from, a pet deposit to cover damages, and thorough pet screening, you can protect your property and feel confident that your tenants will take care of it.
A property manager can also guide you through the process of choosing a pet owner and aid you in providing your tenant with whatever they may need along the way, this way making sure both parties are happy and benefit from one another.
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