An integral part of being a pet owner is learning to deal with how labor intensive it can be to care for them. It seems like If you ever miss a day or two of cleanup, the mess can get out of control before you know it. This is one of the principal reasons that when somebody decides to rent out one of their properties, their first inclination is usually to disallow pets in the rental. It isn’t easy to trust tenants to properly care for the pets and the messes that inevitably come along with them. The main worry is that the property value could potentially decline n the future due to the damage done through having pets living there. These feelings are occasionally justified, and scenarios definitely play out where this becomes the case. Yet there are numerous reasons why it might be beneficial (financially and otherwise) to actually allow pets to live in a rental property. In this blog post, we are going to discuss some of the reasons why allowing pets in a rental property might be something that a property owner should seriously consider.
Increase the pool of prospective tenants for your rental
Rental properties that allow pets can be difficult to come by. The number fluctuates but is generally somewhere right around 50%. When a landlord decides not to allow pets, they are effectively negating a huge pool of prospective renters. Conversely, by allowing pets, a landlord is making their pool of potential tenants much larger than it would be otherwise. Some studies have shown that up to 75% of renters are pet owners. A landlord can greatly benefit themselves and potential good tenants because allowing pets will greatly decrease the potential that their rental property might sit vacant for a significant amount of time.
Increase your renewal rate
As a property owner, there is nothing better than having long-term responsible tenants. When these types of good tenants decide to move on, it can create a chain of events that builds stress. There is always the concern that the next tenant will not be as responsible or might not pay on time. Perhaps they won’t take good care of the property like the previous renters did. There is also the added risk of going without a month or more of rent payments if you have any trouble finding new tenants right away. Having a pet friendly property makes the likelihood of keeping your renters far greater. Most renters who have animals know that it can be difficult to find a new rental that allows pets, and this makes them much less likely to want to enter the market and search for a place to live again.
Increase your earning potential
A successful investor will always be looking for ways to generate more revenue. There are a couple of ways to accomplish this that have become fairly common in pet friendly properties. Landlords will often charge an additional pet deposit at move in. The idea is that it will be used to pay for a more intensive and thorough deep cleaning of the property after the renters and their pets move out. In addition, it is also becoming a common practice to charge an extra “pet rent” fee every month. Even something as small as a $30 monthly “pet rent” charge will generate an additional $360 annually in revenues for the property.
Increase the quality of tenants that your property is attracting
In most instances, people who own pets tend to be a more responsible segment of the population. As any pet owner can attest, It takes a great deal of time and effort to care for pets. The consensus is that these types of individuals will also take similar pride in caring for the property in which they reside. They are much more likely to treat the property like their own home, which is good news for the property owner.
When considering whether or not to make your rental pet friendly, you will find there are many ways that it can be beneficial. If you are worried about managing a pet friendly property or have questions about how to structure everything properly, don’t hesitate to call your local Richmond property management company.
