Since the rental market is getting more competitive, landlords are constantly seeking strategies to enhance their property's appeal and profitability.
One effective strategy that you may consider is to allow tenants with pets. While the idea may initially raise concerns about potential damages and additional complications, there are significant benefits that can outweigh these risks.
Keep reading this article to learn a few reasons why you should make your rental property pet-friendly!
Expanding Your Market
Allowing pets opens your rental property to a broader pool of potential tenants. According to a national pet owners survey, over 65% of households own a pet.
By making your property pet-friendly, you are tapping into a vast market segment.
Many pet owners are often in dire need of suitable accommodations due to the limited number of pet-friendly options available, which can lead to longer tenancy durations and lower vacancy rates.
Higher Rental Yields
Landlords who rent to pet owners have the advantage of charging higher rents. Pet-friendly properties can command a premium, not just in monthly rent but also in terms of pet deposits and non-refundable pet fees.
This additional income can help offset potential costs associated with pet-related wear and tear.
Longer Tenant Retention
Pet owners typically move less frequently once they find a welcoming home for themselves and their pets. The difficulty in finding pet-friendly rentals means that once pet owners find a good match, they are more likely to become long-term tenants.
This reduces tenant turnover, which can be one of the biggest costs for landlords. Longer tenancies translate into fewer vacant periods, saving on the costs and effort associated with finding new tenants.
Responsible Tenants
Pet owners often demonstrate responsibility as it takes a significant amount of effort and dedication to care for an animal. This responsibility often translates into how they maintain their living spaces.
Also, knowing the challenge of finding pet-friendly housing, pet owners are likely to be more cooperative and compliant with leasing terms to avoid jeopardizing their rental situation.
Increasing Property Appeal and Value
Properties that are pet-friendly often have a higher perceived value. Not only can you market your property as more inclusive, but you can also appeal to a demographic that tends to have a higher disposable income.
Pet owners looking for a rental are often willing to pay more for the convenience of a property that welcomes their furry friends. By enhancing the attractiveness of your property, you increase its competitive edge in the rental market.
Enhancing Community and Security
Pets can contribute to a sense of community and security within a property. The presence of dogs, for example, can be a deterrent to potential burglars and add to the residents’ sense of safety.
Additionally, pet owners often engage more with their neighbors, fostering a community atmosphere that makes the living environment more pleasant and inclusive.
Building a Positive Reputation
Landlords of pet-friendly properties often enjoy a positive reputation. This can be especially beneficial in tight-knit communities where word-of-mouth plays a significant role in attracting potential tenants.
A positive reputation can lead to more referrals and a stronger community presence, which in turn can enhance business stability and growth.
Plus, showing that you care about your tenants' needs, including those of their pets, can improve tenant-landlord relationships and contribute to a positive renting experience for all parties involved.
Why You Should Hire a Professional Property Manager
Transitioning to a pet-friendly property does come with its set of challenges. Here, hiring a professional property manager can be particularly beneficial.
Property managers are experienced in navigating the complexities of managing a rental property, including those that are pet-friendly.
Simplifying Pet Policy Implementation
A professional property manager can help formulate and enforce a clear pet policy that protects your property and meets the needs of pet-owning tenants.
This includes setting rules regarding the number and type of pets allowed, areas where pets are permitted on the property, and responsibilities expected of pet owners.
Handling Pet-Related Issues
Property managers are equipped to handle any pet-related incidents, from noise complaints to property damage. This ensures that issues are resolved quickly and professionally, maintaining good relationships between landlords and tenants.
Conducting Regular Inspections
Regular property inspections are crucial in a pet-friendly rental. A property manager ensures these inspections are conducted professionally to assess any damage early and address it promptly.
This proactive approach prevents minor issues from escalating, saving time and money in the long run.
Offering Expertise and Resources
Property managers have access to a network of maintenance professionals who can repair any pet-related damage swiftly and cost-effectively.
They also stay updated on the latest landlord-tenant laws, including those about pets, ensuring that your property remains compliant with local regulations.
Mitigating Risks with Thorough Screening
Incorporating pets into your rental strategy does require careful management of potential risks. Here, again, a professional property manager proves invaluable.
They can conduct thorough screening processes for pet owners, which include checking past rental histories, pet references, and even pet interviews.
These measures ensure that only responsible pet owners and well-behaved pets are allowed into your property.
Conclusion
Renting to tenants with pets can significantly enhance the appeal and profitability of your rental properties.
While there are challenges, the benefits of expanded market reach, higher rental yields, longer tenant retention, and fostering a sense of community make it a worthwhile consideration.
By hiring a professional property manager, landlords can make their properties pet-friendly with ease, ensuring that both property and tenant needs are effectively managed for a successful and profitable tenancy.
If you need help, consider talking to one of our experts at the NFI Property Management Solutions, and we’ll be happy to serve you!