Last modified on 8/25/2020
When you have a vacant property and you’re trying to get it rented as quickly as possible, not allowing pets can cost you time and money. This is your Myndful Minute, where we’ll talk about why allowing pets into your property can be beneficial.
1. Most Residents Own Pets
Landlords need to understand that 80 percent of residents in the United States have at least one pet. That means they want to move in with a hamster, gerbil, fish, cat, or dog.
When they’re searching online for rental properties, the search engine results are only going to deliver the properties that don’t limit pets. So, when you advertise no pets at your property, you won’t be able to access that 80 percent of the potential resident pool.
We recommend you allow pets on a case-by-case basis. Then, when you have people applying for your home, you can also screen the pets and decide whether you will accept the animal. You don’t want to lose 80 percent of the tenant population by saying no pets allowed.
2. Most Pet Owners are Great Residents
Statistically speaking, pet owners are good residents. Animals actually do a lot less damage than people when they’re living in a property. You probably know some people who take better care of their pets than their children.
When you have strict policies on how pets have to be handled and treated and you collect a pet deposit or a pet fee, you can count on your residents taking good care of your pet and your property. Put some parameters in place to protect the property, and be clear about your standards and procedures. You’ll find you’ll have better residents taking better care of your property because they know not everyone rents to pets.
3. Pet-Friendly Rental Properties Earn More
Vacancies are expensive, and you can avoid them by allowing pets. You can also earn more money when you rent out a pet-friendly property. Landlords can charge a pet deposit or a pet security fee. Pet rent can be charged every month and you can charge a pet administration fee.
Residents understand that there’s time involved in processing an animal, and they’re willing to pay for pet friendly properties. That’s beneficial to you because you can generate extra streams of income for your rental property.