The Benefits of Renting to Tenants with Pets
While the number of pet owners keeps growing, a lot of rental spaces are still off-limits to pets. Some landlords are afraid of the damages that pets may contribute. Others are wary of the additional maintenance and policies to incorporate.
However, there are plenty of advantages of renting to pet owners, too. If you’re a landlord trying to decide whether allowing tenants to have pets is a good idea then this article is for you. You’ll find some real benefits to making your rental property a pet-friendly space.
Particularly if you’re a first-time landlord, choosing whether to allow pets is a big decision. Read on and you might just swing over to the affirmative side to welcoming pets.
REACH A WIDER MARKET
When you open your rental units to pet-owning tenants, you’ll have an advantage over the competition, which may widen your prospects. Since fewer rental spaces are open to pet owners, this demographic is open to be served.
Focusing on this niche market may lead to a higher number of applications. This could lead to an increase in the number of quality renters to choose from, making it a great opportunity for property owners.
TENANTS ARE LIKELY TO RENT FOR LONGER
Because it can be tough for tenants to find rental properties that welcome pets, pet-owning renters may stick around for longer.
First of all, it’s time-consuming to move and look for another pet-welcoming place. In addition, the necessary adjustment period for both tenant and their pets will be a hefty consideration.
Another thing to take into account are the different conditions and restrictions allowed in rental properties. Determining which types of pets a new landlord may accept can be a huge effort for renters.
TENANTS MAY BE BETTER OFF FINANCIALLY
Taking care of a pet isn’t cheap. This means the ownership of a pet may be an indicator that a tenant has extra income. Pets often require vet visits and shots. Pet owners frequently buy food and accessories for their furry friends, too.
When traveling, there are also additional costs involved in bringing a pet along. Thus, most pet owners have the necessary disposable income for pet upkeep.
This is good news for a landlord, since financially healthy renters are more likely to pay their rents on the due dates.
PET-OWNING TENANTS MAY PAY A PREMIUM
Pet owners understand that part of the agreement of owning a pet is that they may be charged an additional fee. This is because landlords require a budget for maintenance and fixing potential damages caused by pets.
Since a pet fee, deposit or higher rent will be expected, pet owners aren’t likely to mind paying an additional charge.
TENANTS ARE LIKELY TO BE RESPONSIBLE
Most pet owners look after their pet like a child. They’re responsible for ensuring that their pet is well-groomed, well-fed and physically healthy. This takes a degree of maturity and responsibility.
It’s no stretch to conclude that tenants who own pets are likely responsible people. Since they’re already used to schedules, cleanup, and maintenance duties, these tenants may be more likely to look after your property well.
Pet owners may be more conscious of ensuring that the damages are avoided, which can help you spending spend less on repairs and maintenance.
TENANTS WILL BE HAPPIER
Pets bring happiness, and are known to uplift their owners emotionally. This is why more and more people are deciding to adopt or buy pets these days. This kind of joy is priceless.
A landlord knows that happier tenants may stay longer. Thus, landlords are encouraged to welcome pets to have happier tenants in their rental properties.
REDUCED LIKELIHOOD OF PET SNEAKING
Even if a landlord stipulates restrictions and states clearly that pets are not allowed, it’s not a guarantee that the tenants will respect these rules. If you’re a landlord that lives far away, it’s hard to keep track of tenants smuggling in their beloved pets.
Your regular inspections will be scheduled, which means tenants will be able to hide their pets during this time. Additionally, tenants may falsely claim that they’re temporarily fostering, or petsitting for a family that’s on a holiday.
There are many ways that renters can sneak their pets in, which can be a lease-violating act. If you permit pets in your rental space, this kind of deception is less likely.
REDUCED PROPERTY VACANCIES
If you allow pets, your vacancy rate is likely to be lower because pet owners are an underserved market. A vacant unit is an income opportunity loss, which you’ll be able to avoid easily when you allow pets.
You’ll no longer have to stress over a vacant property that will still require monthly maintenance costs. The unit can easily be filled out. Just make sure to conduct proper tenant and pet screening.
REDUCED MARKETING EXPENDITURES
Renters who own pets may be more likely to extend their leases and stay longer, which can help landlords save money. How? You won’t need to spend as much on marketing.
A marketing budget is needed for the printing of promotional brochures, online ads, and to actively conduct marketing programs. Instead, you could spend this money on property upgrades.
If you’re not spending much on marketing, you can instead take on projects to enhance your rental unit. You’ll be able to elevate its value, thereby attracting more tenants.
THE BOTTOM LINE
Although there are certain downsides to allowing pets, particularly in the realm of property maintenance, it’s a good idea to look at the benefits of welcoming them.
The benefits of welcoming pets are worth considering. As long as your leasing conditions are clearly stipulated, there should be no problem welcoming pets in your rental property.
If you need a property manager to deal with pet maintenance for your property, contact Alltrade Property Management. We manage rental properties in Kentucky, Alabama, Southern Indiana and North Carolina. We’ll gladly take over the responsibilities to give you peace of mind. We can be reached at (502) 562 1985. You can also check out our website at https://alltradeproperties.com.