Should You Allow Pets in Your Rental Property?
Pets are adorable! Many Americans like having a furry companion by their side—so much so that the chances of coming across a dog during your walk in the neighborhood are most likely. In fact, 67 percent of U.S. households own a pet as of last year, according to the American Pet Products Association (APPA) National Pet Owners Survey.
So you see, pets have just about dominated the majority of American homes—and your rental property won’t remain unaffected by these beloved creatures for long.
Pets or No Pets?
Finalizing a pet policy should be one of the first things you have to decide on before finding tenants. Whether you allow your renters to live with their pets or not will have a significant impact on the number of renters you attract and, ultimately, the profit you’ll gain from your property.
There is no wrong answer for allowing or prohibiting your tenants from having pets; what matters is that you are making the right decision for your sake.
The Benefits of Allowing Pets
Pets are a big deal for any landlord, so you must be sure that you’re making the right decision not only for yourself but also for your future tenants. Turning your rental property into a pet-friendly property will bring many positives, such as:
Tenants with pets mean more profit! Permitting animals in your rental, especially when very few properties are pet-friendly, will dramatically increase your rental property market value. Not only does this give you an edge over your competition, but you can also charge a higher rent price for more profit.
The more your tenant is happy with your property, they will consider it not a rental but a home. Living with a pet can make it easier for them to settle down and plant their roots. If ever they think of moving out, they may be discouraged by the difficulty of looking for another pet-friendly apartment that meets all their needs. As such, they will most likely choose to renew their contract with you instead.
Wider Tenant Pool
The Humane Society reported that 72 percent of renters have pets—would you be willing to turn away from such a large portion of your target market?
Allowing pets in your property also means expanding the number of potential clients you may have. Having a large selection of tenants will enable you to find the best quality renters instead of settling for irresponsible tenants.
A pet-friendly rental property will attract more tenants, so you can find more people who fit your criteria.
Most people with pets are known to be responsible, as they are expected to invest fondness and care for their furry companion. When they take the time and attention to tend to their pet’s needs, they will also indeed treat your rental property with care.
Preparing for the Risks
Of course, having a pet-friendly rental property will have challenges and problems. To a landlord, pets may not be cute, cuddly friends, but animals just waiting to cause damage to your property. While that is indeed possible, there are many preventive measures you can put in place to avoid this from happening and solutions to resolve the situation when it does happen.
You can reduce the risks created by having pets by creating pet policies! These pet rules guarantee that your tenant will cause little to no disturbances or accidents on your property. If you think managing your own property on top of worrying about animals is too much for you to handle, you can always let a rental management company do the work for you.
Increase your market value and gain more profit by allowing pets on your property! Make sure to carefully choose your tenant, so no animal-related issues arise later on. You can leave it to tenant placement services to handle the screening and the rest of the process.
Are you having a difficult time managing your own property? Leave it to us at Quest Real Estate to handle everything for you! We are a leading property management company in Jacksonville that has successfully managed both commercial and residential properties. Call us at (904) 373-9171 for a free quote!