A big part of pet ownership is learning to navigate the labor intensive time and effort that it takes to care for them. If you happen to miss a day, it often seems that the mess they make gets completely out of hand. Due to this and a number of other factors, when somebody decides to rent out a property, the inclination is often not to allow pets. Many landlords fear that the renters won’t properly care for the pets and the messes that they make in the property. Nobody wants the property value to decline because of damage and additional wear and tear caused by these animals. While these feelings are often justified, they don’t necessarily have to be. Things can go in the exact opposite direction. In this blog post, we are going to dive into a few of the reasons why allowing pets can actually be a benefit to a property owner.
Increase the pool of prospective tenants for your rental
Although the number fluctuates from time to time, typically somewhere right around 50% of rental properties are considered pet friendly. When a property owner chooses not to allow pets, they are effectively joining a group of properties that a significant portion of tenants cannot even consider renting. Conversely, by deciding to have a pet friendly property, a landlord is dramatically increasing their pool of potential new tenants. Some studies have concluded that up to 75% of renters are also pet owners. These renters are usually very well aware that finding a rental property that allows pets can be a big challenge. The overall shortage of pet friendly rentals also helps to drive up both the price of rent and demand for these properties.
Increase your renewal rate
When renters decide to move out, it triggers the start of an often stress filled process. Part of the worry is that new renters might not be as good at taking care of the property as the previous ones were. They might not pay their rent on time. Perhaps they might be less responsible. Perhaps they won’t adhere to landlord requests. There is also the stressful potential of having to go without rent payments for a few months while searching for new tenants. Having a pet friendly property can help create loyal and longterm tenants. Most renters have dealt with the challenges involved in finding a new pet friendly place. The probability of tenants wanting to renew their lease increases dramatically when they have found a place that allows animals.
Increase your earning potential
Looking for ways to increase revenue is an important part of being a successful real estate investor. If your property allows pets, there are a couple of ways to easily pull this off. Most landlords now charge an additional pet deposit that is due at move in. Most often, this deposit is nonrefundable or only partially refundable. The purpose of the additional deposit is theoretically to cover the cost of a more thorough cleaning than normal of the property. However, sometimes the tenants have taken such good care of the property that the additional cleaning isn’t even necessary. In these instances, the nonrefundable deposit becomes additional revenue. A significant number of pet friendly properties also charge an extra “pet rent” fee. It doesn’t have to be a large amount to make a substantial difference as even a $30 a month fee will add up to be an additional $360 in annual revenue for the property.
Increase the quality of tenants that your property is attracting
When considering segments of the general population, pet owners are most often found to be in the more conscientious and responsible category. As any pet owner can tell you, it requires a great deal of time and effort to care for pets. Those willing to invest these efforts often go above and beyond in other aspects of their lives as well. The consensus is that these types of individuals are much more likely to take pride in caring for your property. They may even treat it like they would treat their own home.
When deciding whether or not to allow pets in a rental property, it is important to consider the many reasons that it can actually be a big benefit. If you are worried about managing a pet friendly property or have questions about how to structure everything properly, don’t hesitate to call your local Albany property management company.