There are numerous reasons why landlords should allow tenants to keep pets in their rental units. A majority of the Homestead property managers consider benefits such as the ability to charge pet deposits and higher rent when deciding whether or not to allow pets. Here are five strong arguments for allowing your tenants to keep their furry friends!
1. Higher Property Values
One of the most compelling arguments for allowing tenants to keep pets is that it can increase the value of your property. According to studies, pet-friendly properties appreciate more quickly than non-pet-friendly properties. Moreover, pet-friendly features, such as pet doors and fenced yards, are frequently sought by property buyers. This can boost the value of a pet-friendly rental property.
2. Shorter Vacancies
Permitting pets can help make your property more attractive to prospective renters. In fact, nearly half of all renters say they would be more likely to rent from a landlord who permits pets, according to a recent survey. When you allow pets in your rental property, you are more likely to reduce the length of rental vacancies.
3. Fewer Repair and Maintenance Issues
Contrary to popular belief, less damage will be caused to your property by tenants with pets than tenants without pets. This is because pet-owning tenants are more likely to be responsible renters. Since many pet owners know the responsibility when caring for a pet, they are more likely to apply that same level of care in their rental home.
4. Increased Security
Enabling tenants to have pets can also improve the safety of the property. According to studies, properties with pets tend to have lower rates of burglary, vandalism, etc. This is likely due to the fact that criminals tend to avoid a property where a pet is present.
5. Improving Tenant Health
Lastly, allowing your tenants to keep pets can benefit their health. Stress, blood pressure, and cholesterol have all been shown to be reduced by pets. They can also aid in the promotion of physical activity and social interaction. For these reasons, pet-owning tenants tend to be healthier than those without pets.
As you can see, allowing tenants to keep pets in your rental property is beneficial for a number of reasons. If you’ve been pondering whether or not to allow pets, this list may have convinced you to try it! Your tenants and property will be appreciative.
Would you like an expert opinion on making your rental property more pet-friendly? Contact Real Property Management Genesis today!
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