1. Higher Property Values
Enabling tenants to keep pets increases the value of your property, which is one of the best reasons to do so. Studies have shown that pet-friendly properties tend to appreciate faster than those that do not. What’s more, pet-friendly features such as pet doors, fenced yards, and other properties are frequently sought by property buyers. This can boost the value of a pet-friendly rental property.
2. Shorter Vacancies
Allowing pets in your rental can also increase the appeal of your property to potential renters. In fact, nearly half of all renters say they would prefer to rent from a landlord who allows pets, according to a recent survey. This indicates that allowing pets in your rental property is likely to reduce the length of a vacancy.
3. Fewer Repair and Maintenance Issues
Despite popular belief, tenants with pets are less likely to cause property damage than those without pets. This is because pet-owning tenants are typically more responsible tenants. Many pet-owning tenants are aware of the responsibilities of caring for a pet and are likely to apply the same level of care to their rental home.
4. Increased Security
Permitting tenants to keep pets can also improve your property’s security. Studies have shown that properties with pets have lower crime rates, such as burglary, vandalism, etc. This is most likely because criminals are less prone to target a property where a pet is present.
5. Improving Tenant Health
Lastly, allowing renters to have pets can improve the health of your tenants. There is evidence that pets reduce stress, blood pressure, and cholesterol. They can also help with social interaction and physical activity. For all of these reasons, pet-owning tenants are generally healthier than those who do not.
As you can see, allowing tenants to keep pets in your rental property is beneficial for a number of reasons. If you’ve been pondering whether or not to allow pets, this list may have convinced you to try it! Both your tenants and your property will thank you for it.
Would you like an expert opinion on making your rental property more pet-friendly? Contact Real Property Management Dade today!