Do you consider your pets as family members? Finding an apartment that allows pets is getting more difficult. If you’re a landlord, one of the choices you will have to make is whether you should accept dogs on your property.
We understand why pets aren’t allowed. Several more property owners avoid tenants with pets because they worry that the animals will destroy their property, spread allergies, and cause problems for the other tenants and the neighbors. These things are possible, but the benefits outweigh the dangers.
Still a no? You should rethink your answer. Here are five advantages to a pet-friendly rental.
1. Increased number of applicants
Sixty-eight percent of Americans own dogs, yet coming upon a pet-friendly apartment is not uncommon. The number of potential renters for a home increases dramatically when dogs are welcome. Now, if you’re in a metropolis with a shortage of rental properties, you don’t need more candidates, but if you’re in a small community with loads of rental openings, it might benefit you to rent to renters with dogs.
2. Better Reputation
Just as no host would want to hear that a resident’s companion is unwelcome, no host would like to see their child excluded from the festivities. You may not worry about being the “cool” landlord, but you may want good connections with your renters, and pet-friendly rules can help.
3. Can Charge Higher Rent
Rents at pet-friendly properties can be significantly higher than average. Apartments that accept dogs tend to ask 20% to 30% more than the typical rate. According to a poll of landlords, most (73 percent) pet-friendly units also demand a pet fee.
Unsurprisingly, people are ready to spend more for a home that welcomes their dogs. They are searching for a new home and will only spend time visiting properties that allow pets if they want a place to accommodate their complete family, canine members, and all.
4. Got a Longer Lease
Residents allowed to keep pets in the unit will likely remain long-term tenants. A poll of renters found that people who live in pet-friendly apartments stayed there for an average of 46 months, compared to only 18 months for those living in no-pet buildings. That means you’ll have to spend less time looking for new renters and more time renting out your space.
5. Less Likely to Have Vacants
Vacancies can hurt your cash flow and cause your property to lose money in the short term. They can quickly escalate to one of your home’s highest maintenance bills. Lucky for you, here are steps you can take to manage vacancy rates:
- Tenant screening is essential.
- Maintain a regular upkeep schedule.
- Boost Your Ad Campaigns.
- Rental rates must be optimized.
- Embrace pets into your property.
The vacancy rate for renting properties that allow pets is 10%, while the vacancy rate for all other types of accommodation is 14%. Renters who stay for extended periods (and fewer gaps) are better for your bottom line and ensure a steady stream of renting earnings.