Top Benefits of Owning Pet-Friendly Property
It is not uncommon for many property owners to have a ‘no pets’ policy for their rental premises. The most significant reason behind it is the fear that the pets might cause some real damage to the property. However, with pets becoming an integral part of most families, the policy now does more harm than good. For those still in a dilemma, let’s throw light on some of the benefits of revising this policy and switching your property to a pet-friendly property.
Expands your tenant pool significantly
Various studies indicate that over 75 percent of rentals own one kind of pet or another. A major struggle for them is finding a pet-friendly rental property. As a landlord, you are losing out on a large pool of potential tenants which does not signal well for your choice or revenue. Reversing this policy will give you a more extensive selection of tenants and perhaps even higher income.
Better quality of tenants
With a small range of tenants, it is difficult to find a tenant that you are happy with and at peace of mind that he will take good care of your property. You end up settling with whatever comes up. However, by allowing pets, you get plenty of choices. You can then choose a tenant that meets most of your requirements.
Pet-owners tend to rent faster
A recent study indicated that a pet-friendly property received a far higher number of applicants. Additionally, when you screen out a few potential tenants, they tend to make fast decisions and rent out easily. In comparison, people without any pets are unusually indecisive for a longer time and are always on the lookout for a better property.
Pet-owning tenants normally pay higher rents
Accepting a pet in your property gives you the right to collect a monthly pet fee which is different from a pet deposit and helps you increase your monthly earnings. Pet deposit is a safeguard deposit that you take against potential damage caused by the pet. This money is refundable. However, the monthly fee is like the rent taken to allow the pet to stay. This is non-refundable and adds to your income. Thus you attract a higher income.
Tenant turnover and vacancy are two big sinkholes that turn diminish your profitability. With the scarcity of pet-friendly properties, most tenants with pets are not very open to shifting houses once the lease is over. They show a higher tendency to renew their agreement. Along with renewal, comes a standard rent hike. It makes your life more comfortable and hassle-free and lends your income, a fine hike.
Responsible pet owners make excellent tenants
It is indeed a tall task to find decent and accountable tenants who look after your property like their own and are well-behaved and responsible for dealing with. Pet-owning tenants do not wish to go on house-shopping every so often and tend to abide by the terms and conditions of the property. Thus, you are less likely to have any problems with-pet owning tenants which makes your life much happier.
Gives you a better reputation
Pet-friendly properties tend to attract support and appreciation of the community at large. Many animal welfare organizations are concerned about increasing number of tenants abandoning their pets for the sole reason that they cannot find a pet-friendly property. This animal euthanasia is a growing concern. Another problem that arises is that many tenants hide the fact that they have a pet to find an abode for themselves. Hence you are not able to get the proper agreement and things in place. Evicting the tenant is again hassling, and you need to restart the entire process. Gong pet-friendly definitely gives your reputation a boost, and you are likely to attract better and more honest tenants.
Upper-hand in dictating terms
Just by giving a nod to pets to your rental units, you increase your control at what happens on your property. You can screen the pets and allow them on your terms. You can demand proofs of the pets having their vaccination complete, are given a clean chit of health and are spayed and neutered. For dogs, you can also look into their obedience training. It helps you screen pets as well and only approves those tenants who have qualified animals. It ensures that your property damage risk is minimized and you will have happier and more peaceful living.
Various studies conducted have shown that renting out properties to tenants with and without pets are almost similar. On the contrary, you enjoy higher profitability and higher control if you lease your property to a pet-owner. Hence, it can really be the ultimate smart decision that you make your property, a pet-friendly one.
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