Although they may not be our actual children, most of us consider our 4-legged friends to be a part of the family. This can be a problem for many pet owners when looking into rental properties that have breed and pet restrictions, on top of ridiculously high pet fees and rent. While pets do pose potential risks to your property, being pet friendly has several benefits that can present a great advantage to many landlords.
1. Larger Perspective Tenant Pool: A 2014 study reported that, more than 70% of renters have pets. That number only continues to rise as more rental properties make the transition to becoming pet friendly. Opening your property to pets increases the appeal of your home too and can have a positive effect on the amount of time your property remains on the market.
2. Ability To Charge Higher Rent: Despite the rise in pet owners, some landlords continue to restrict critters in their properties. Having a flexible pet policy allows you to charge more in rent for offering tenants the freedom to reside with their animals. This may also appeal to more attractive tenants, according to Edward Kelly, the author of Practical Apartment Management, 65% of pet owners make over $50,000 a year.
3. Happier Tenants: According to Humana Health Professionals, having a pet increases the levels of feel-good chemicals in the brain leading to happier people. Having happy tenants should always be the goal of many landlords, and happy tenants usually remain in a property longer than unhappy ones.
If you’re looking to increase your tenant pool, charge a higher rental rate and produce happier tenants; you may want to begin allowing pets in your property. Making the transition from a pet restricted to a pet friendly property can be hard, and you don’t have to do it alone. Contact the pet lovers at Rent It Network for always fast, always responsive, and always professional rental home solutions.