Something that comes along with pet ownership is the labor intensive time and effort that it can take to care for them. It often seems that if you happen to miss a single day of cleanup, the mess can become seemingly unmanageable almost overnight. For this and a myriad of other reasons, when somebody decides to rent out a property, their inclination is usually not to allow pets. It is difficult sometimes to trust tenants to properly care for the pets and to clean up after them to an acceptable standard. An owner might worry that the property value could decline if damage is incurred due to the additional wear and tear pets are responsible for. While these feelings are often justified, they don’t have to come to fruition, and there are many scenarios that play out quite differently. There are quite a few reasons why it is actually beneficial to allow pets in a rental property. In this blog post, we are going to go over a few of the reasons why allowing pets might not be a bad idea after all.
Increase the pool of prospective tenants for your rental
The number of rental properties that allow pets fluctuates, but it is usually right around 50%. When a landlord decides not to allow pets, they are effectively putting themselves in the 50% group that a large segment of renters won’t even be able to consider. Consequently, by deciding to allow pets in a rental property, a landlord is dramatically increasing their pool of potential tenants. Studies have shown that up to 75% of renters own pets. These renters know that finding a pet friendly rental can be a big challenge. A landlord can benefit because allowing pets will greatly decrease the potential for a rental property to sit vacant. The shortage of pet friendly rentals will also help drive up both demand and the price of rent for landlords that allow them.
Increase your renewal rate
It can create a stressful situation when good and trusted renters decide to move out. The next tenant might not take as good care of the property as the previous renters did. They also might not pay as promptly. Sometimes a landlord might even have to go without rent payments for a time if they have any trouble finding new tenants. Having a pet friendly property often makes for loyal and long term tenants. Renters know how difficult it can be find a new pet friendly place. This makes them less likely to want to move out.
Increase your earning potential
Increasing revenue is always a good thing. In pet friendly rental properties, there are a couple of ways to accomplish this that have become fairly common. The majority of property owners now charge an additional pet deposit due on the date of move in. It is most often nonrefundable or only partially refundable, and its purpose is theoretically to pay for a more thorough cleaning of the property. However, if the tenants take good care of the property, sometimes the additional cleaning might not be necessary. In these instances the nonrefundable deposit becomes revenue for the landlord. Many pet friendly rentals also charge an extra “pet rent” fee every month. Even a seemingly small amount such as $30 a month adds up to be an additional $360 annually.
Increase the quality of tenants that your property is attracting
Pet owners are often found to be in the more responsible segment of the population. It takes a great deal of time and effort to care for pets, and those willing to take that time typically do so in other aspects of their lives as well. The hope is that these types of individuals will take pride in caring for your property and treat it like they would their own home.
When considering whether or not to allow pets, remember that there are many reasons it is actually very beneficial to do so. 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 Colorado Springs property management company PMI Rocky Mountains.