Do you have a rental property that’s ready for occupancy soon? What do you think of having pets in rental properties? I know the automatic answer to that for most of you is a big “no!” but should you reconsider? Before you open your property to renters, you must first decide if you will make your property pet friendly.
We have all heard of horror stories about pets doing damage to rental properties. Dogs and cats usually chew on the corners of cabinets, as well as claw on doors, window sills, and screens. We’ve even written a whole article about it before! For this reason, pets are usually not allowed on most apartments. However, having responsible pet owners as tenants can actually be beneficial. Here are the reasons why:
Larger Possible Number of Tenants
It is known that almost 50% of renters own a pet (I mean, who doesn’t?). Therefore, if you make your property pet friendly, chances are, you will be have a larger pool of prospective tenants to choose from.
Pet Owners Make More Money
Let’s face it. It takes extra cost to have pets. The food, the grooming, and even the toys all must cost something. According to Practical Apartment Management, 65% of pet owners earn over $50,000 a year. What this means? It means that your prospective pet owner tenants most likely has the money to pa for rent.
Possibly Longer Tenancy
Because of the limited number of available pet-friendly options, pet owners typically stay in a rental longer whenever they can. Use this advantage and cater to tenants with furry friends.
Pet Owners are Usually More Responsible
Pet ownership is like parenthood… or something like that. If someone is mature enough to take good care of an animal, there is a good chance they will treat your property with the same respect. They are also most likely to pay the rent regularly and on time.
So what are you waiting for? Make your rental pet friendly and you will surely enjoy the benefits.