Rental property owners often have reservations about permitting pets on their premises. Pets tend to be messy and can cause damage to your property. So, why rent to tenants with pets? Here are four benefits of making your property pet-friendly.
1. Expands Your Tenant Pool
To attract better renters, landlords can increase their pool of potential tenants by allowing pets on their properties. According to surveys, more than 70% of renters have pets and have difficulty finding a property that allows pets. Pet owners are more likely to respond to your listing if you allow pets within the premises.
2. Increases Lease Renewals
Pet-owning tenants not only increase your pool of prospective renters, but also help you reduce your vacancy rate. Surveys have shown that people who own pets tend to remain in their homes for much longer than those who don't own pets. According to a study by FIREPAW Inc., tenants with pets stay 23 months longer than those without pets.
3. Protects Your Property
Many pet owners have a hard time finding pet-friendly rentals, so they are tempted to bring in their pets illegally when moving in. By allowing pets, you can significantly reduce the number of unlawful pets on your property.
If illegal pets hurt people on your property and the tenant vacates, you will be held liable for the damages as a property owner. When you're a pet-friendly landlord, your pet policy protects you against pet damage through a pet deposit, renters insurance, and rules and guidelines on pet behavior.
4. Generates More Income
As a landlord, you have various ways of generating extra income from pet-friendly tenants. You can ask for a higher rent or charge a separate monthly fee for pets. Before making any changes, you should always check your local rules regarding charging pet fees.
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