Do you know what’s better than living in beautiful Folsom, California? When you share the home with your furry friend. Over 70% of United States households own a pet, and thanks to the pandemic, that number is continuing to rise.
Numbers that high mean that most of your rental pool will own at least one pet. The idea of pets in a rental property is a scary thought for property owners. There are several pros and cons of pets in rental properties.
But restricting having pets in your property can cause you to miss out on income and occupancies. The fear doesn’t have to hold you back. In this article, we’ll discuss five benefits of pets in rental properties.
Scroll down to learn more.
1. Gain a Larger Rental Pool
By allowing pets in a rental property, you open your rent pool to a larger audience. Tenants with pets struggle to find pet-friendly places to live. Opening yours up can cause more applications.
Do research and set restrictions that will keep you and your investment safe. If you are still on the fence, you can add a pet addendum to the lease later.
2. Pet Owners Sign Longer Leases
Every landlord benefits from having long-term tenants. Allowing pets in a rental property can help you hang onto tenants longer. Properties that allow pets are so rare that once a tenant with pets finds one, they stick around.
It also ensures you have a steady income
3. Get Higher-Quality Tenants
Pet owners make the best residents. On average, animals don't damage property as much as people do. As the landlord, you can set strict policies on pets within the rental property.
The parameters you put in place will protect you, your property, and the tenant with pets.
4. Increase Occupancy Levels
Limiting your rental property by not allowing pet owners causes higher vacancies. By allowing pets in your rental property, the demand for your property will increase. That means lower vacancy rates for you, which will add more money to the bank.
5. Collect More Money
Allowing pets in a rental property means you can charge higher rents. The exact amount will depend on the restrictions you set. The rent premium for tenants with pets is usually between 20 and 30% higher than average rent.
You can also collect more money by charging a separate deposit. Make sure you mark the reason and the amount for the pet deposit in the lease. There’s no need for a guilty conscience when making these decisions.
Pet owners will be happy to pay more for a pet-friendly rental property since there are few.
It’s Not Too Late to Allow Pets in a Rental Property
The idea of having pets in a rental property can be scary. You control all restrictions and policies that go into a pet-friendly rental property. The parameters ensure you reap the benefits.
Partner with us at Residential Equity Management. Our property management team will help you prepare for tenants with pets.
Contact us today for more information!