Reasons why you should allow pets at your rental property
Marketing to Pet Owners Will Widen Your Tenant Pool
Since many landlords don’t allow pets they are effectively shutting out a potentially huge pool of tenants that they could be renting to.
When you start allowing pets you’re going to open your rental property up to that pool of tenants and you also stand the chance of finding a better pool of renters than what you might normally find among your traditional pool of renters.
Why? Thanks to a recent apartments.com survey we know that roughly 75% of renters have some type of furry friend and over 50% of those renters have claimed that they’ve had a problem with finding a furry friend so allowing pets in your rental means that you will potentially reach these people.
Increase Renewals Faster
Vacancy rates have been decreasing nationwide for years and this means that the rental market is also highly competitive.
If someone is a pet owner it’s even more difficult for them to find a great rental property in today’s market because the chances of them finding a pet-friendly rental during a competitive rental market are slim to none.
As an owner/landlord you can eliminate tenant turnover and keep your rental property profitable regardless of the state of the rental market if you choose to start allowing pets because those pet owners will be more inclined to renew their leases rather than looking for other rentals when their leases expire.
Thanks to a recent landlord survey by FIREPAW, Inc we know that tenants who are also pet owners have been found to be more likely to stay in their rental properties for 23 months compared to just an average of 15 months like most renters.
Make More Money From Your Rental Property
Besides renting to tenants who will be living in your rental property longer, another benefit that comes with renting to a pet owner is that you have the ability to charge a pet deposit and a monthly pet rent.
Most renters who are also pet owners expect to be charged a pet deposit and pet rent so you shouldn’t hesitate to charge these fees. Just make sure that they are comparable to what owners are charging locally.
For more tips on marketing to pet contact, pet owners contact Utopia Property Management by contacting us at (800) 294-4656 or connect with us online.