Benefits Of Being A Pet-Friendly Landlord
Scratched-up walls, scraped paint, and damaged doors are all potential consequences of owning a pet, which is why most landlords do not have pet-friendly listings.
If you are a rental owner, chances are you do not allow tenants to have pets because that's the norm for many property owners and managers. Barring renters from housing pets in your rental unit may seem like a smart move because it will supposedly keep the interior intact, but it deprives you of many benefits. That's right! Pet-friendly rentals offer several perks to landlords, including higher rental income.
High Rental Revenue Margins
Rental income is a primary source of money for many people, most of whom do not optimize their property's revenue-generating capacity. It may come as a surprise to you, but research shows that pet-friendly landlords earn $100 more a month than those with a no-pets policy.
Needless to say, allowing your tenants to keep pets will earn you enormous sums of money. That means the amount you make with your no-pets rule can increase considerably if only you open your rental unit (and heart) to pets.
A Large Group Of Interested Candidates
Approximately 70% of renters own a pet, meaning a larger chunk of the population has a furry, feathery, or scaly housemate. If you prohibit the housing of pets in your rental unit, you are significantly restricting your potential tenant pool.
If you revoke your no-pets policy, you will open the door to a much bigger group of candidates looking for a property to rent. As a result, you get to choose the tenant you like the best because there are so many!
Caring for a pet requires maturity, discipline, a steady income, and commitment. This means if someone has a pet, the chances are that they have all these qualities, and such a person is more likely to make a reliable tenant.
Even though having a pet doesn't always mean that a person is 100% credible, the possibility of that becomes much higher. Therefore, if you condone the future renters keeping pets, you will most probably get the rent consistently and on time.
Better Screening Of Pets
Many times tenants bring pets into a rental unit despite the no-pets policy, hoping to keep the animal safe from the landlord's eyes. If that happens, you can never know what kind of animal is occupying your property. For all you know, a snake could be in wandering about in your estate, and you only find out about it when it comes face-to-face with you, which will surely not be a pleasant encounter.
If you want to have better control over which animal enters your property, you should abolish the no-pets policy and check the pets yourself. Moreover, you can ask interested applicants to show you their pet's vaccination certificates so that you can be sure that the animal on your property isn't dangerous in any way.
Getting a pet-friendly rental listing is a rarity for pet owners, so when they find one, they jump on it instantly. That means if your property becomes vacant, you will not have to wait long for a new tenant. The chances are interested renters with pets will flock to your estate without wasting time.
If you want to ensure a steady rental income, let your tenants house their pets in your rental unit.
Renting a place is not only challenging for tenants but also for the landlords, as there is a lot that the latter has to do to sublet their lodging to a stranger. From running background checks and ensuring the financial stability of a potential renter, a landlord has to put in a significant amount of effort to give their property to someone reliable.
Considering the legwork a property owner has to do, it's safe to say that they would rather a tenant stays for a long while. Since finding a pet-friendly rental space is difficult, renters with pets will stick with you longer than those without domesticated animals.
Pet Owners Tend To Be Exemplary Renters
As previously mentioned, pet owners do not get many offers for rentals, so they prefer to keep the pet-friendly properties they do get once in a while. To do that, they try to be model tenants and abide by all of the property rules to ensure that their landlord is happy with them.
To have decent, considerate renters, you should consider making your rental pet-friendly.
Although making a rental unit pet-friendly can be costly, it brings significant earnings to landlords. So, if you feel on the fence about turning your estate suitable for animals because it costs big bucks, consider the hefty returns you will get. Once you do that, you will surely want to become a pet-friendly landlord and enjoy all the resulting benefits.
And if you are worried about the possible harm to the walls and fittings, ask for a greater security deposit to make up for any damages.
Then what are you waiting for? Get moving, make the necessary changes to your property to make it befitting for pets, attract a large pool of tenants and make lots of money!
Looking for more information on renting with pets, check out our other helpful articles.
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