Although National Pet Day is April 11th, this particular celebration is a daily event for pet owners. Owning a pet myself doesn’t allow me to be bias-free, but I’ll do my best to present solid arguments for you to consider.
It came as a surprise that around half of rentals don’t accept pets. I understand the damages an unruly animal can cause but isn’t that what the deposit is for? At any rate, we’ve all seen tenants that leave more destruction in their wake than a stampede of wild buffaloes.
Without further due, here are my six reasons to allow pets in rental properties:
Healthier tenants According to the CDC, the benefits of pet ownership are quantifiable. Among these benefits, you can find:
Decreased blood pressure
Decreased cholesterol levels
Decreased triglyceride levels
Decreased feelings of loneliness
Increased opportunities for exercise
Increased opportunities for socialization
Responsible tenants Taking care of a pet requires a significant amount of dedication to the welfare of another living being. This additional effort implies a level of responsibility above and beyond the norm. That’s a quality all landlords wished their tenants possessed.
More tenants competing for your property If you conduct a fast internet search, the number of American families owning pets is around 67%. That is a massive chunk of the market to overlook. Yet, a significant group of landlords doesn’t accept pets. The actual number varies wildly depending on where you look. In general, the number fluctuates from 30 to 55 percent. Also, pet-friendly communities often compound the problem by establishing restrictions on weight or breed. How can you purposely take good rental candidates out of the race? If you accept pets, you’ll have a more extensive selection of tenants from where to choose.
Higher rental income Although I don’t entirely agree with charging more for pets, the world doesn’t care what my thoughts are on this topic. The truth of the matter is that most landlords that accept pets charge a premium on both deposit and rent. On pet deposits, most rates go from $150 to $650, and pet rents follow along those same lines. So yes, you can make an extra buck while providing a much-needed home for our four-legged friends.
Lower rental turnover Do you keep looking for new tenants every one or two years? Maybe you should consider renting your properties to pet owners. Once again, numbers vary depending on the source (35 to 100%), but pet owners will remain in place for extended periods. Maybe it is because they don’t want to put their pets through the stress of moving. Or it could be they have fewer choices when it comes to rentals. Whatever the reason, a pet owner will remain longer on your property.
Warm fuzzy feeling Yes, it does!
I admit my last reason is not valid if you are related to the Grinch. But now, tell me the truth. What could be better than increasing revenue (I’m still a capitalist), increasing tenant competition, lowering tenant turnover, and providing families with furry members a nice place to live? I don’t know about you, but to me, accepting pets on a rental property is a win-win for everybody.
As always, if you have more questions, talk to one of our experienced Property Managers. They’ll help you make the right decision for your particular situation.
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