Do you allow pets on your property? This is the most frequently asked question by tenants in America. Despite scary pet stories you might have heard from other landlords, framing a pet policy for renters is one of the arduous tasks you can do as a property owner.
However, in some cases, having a pet-friendly house can be a clever move to attract potential tenants. Rental owners are often reluctant to rent out the people with pets, but allowing them can decrease your vacancy rate and increase lease renewals.
Hence, here are not just one but five reasons to rent your house to people with furry friends.
Widens Your Tenants Pool
If you, as a landlord, will set a ‘no pets’ policy, you will eventually lose the majority of prospective renters. But choosing to be flexible will increase your odds of finding high-quality renters.
According to the American Pet Products Association (APPA), more than 70% of tenants own pet animals, and 60% of them struggle to find a pet-friendly rental. If you consider allowing pets on your property, it will build goodwill among pet-loving tenants.
Reduces Vacancy Rate
Tenants with pets prefer long-term tenancy as compared to tenants with no pets, since finding pet-friendly landlords is not easy. Consequently, property owners will benefit from lower vacancy rates and steady monthly income.
Boosts Your Rental Income
If you rent a house to pet owners, you can officially demand a pet deposit to secure your property from the potential damage caused by the pet. Apart from this, you can ask your renters to pay additional monthly fees for allowing pets into your house.
Also, people with pets are usually financially sound since pet care is expensive in itself. They tend to have more income than those without pets, and are hence, more prompt regarding rent payments.
Pet Owners are Caring and Responsible
Having a pet is not an easy feat. Pet owners have to be very responsible and careful and this care and caution translates to your property as well. In addition, most pet owners are kind and empathetic. They can establish healthy relations with owners and can handle things on their own. This leads to harmony in your neighborhood, contributing to a happy and peaceful atmosphere.
Increased Security in the Vicinity
Pet dogs are alert and sharp by nature and can sense a threat and warn you about it. A watchful dog can be an asset to the neighborhood and can help keep burglars away, protecting your property in a better way.
For those landlords who still consider pet-friendly rentals a risky investment, having a customized pet policy and proper lease agreement with the help of a professional property management company can be a solution.
TCS Management is a leading property management company in Philadelphia, Pennsylvania. We specialize in single-family and multifamily residential property management of homes, condos, townhomes, and apartment buildings. We also serve Cherry Hill, NJ, Wilmington, Delaware, and the surrounding areas, offering complete real estate management services.
In case you need assistance with pet policies, or want to rent pet owners on your property, get in touch with us at TCS Management.
