Reasons You Should Allow Pets at Your Rental Property.

Accepting pets in your rental property can be a great investment strategy for you as a landlord. Despite the popularity of pet ownership, most rental policies disregard pets as part of the household members. Most landlords restrict tenants from keeping pets in their rental properties because of the fear of damage caused by pets. It is often a challenge for pet owners to find a rental house because of the ‘no pets’ clause. However, you can use this opportunity as a landlord to have more tenants interested in your rental property. While it may seem more risky to allow pets in your rental, there are more benefits associated with it. Moreover, most pet owners tend to be responsible tenants who can take proper care of the space. While the decision to allow pets into your rental property may not be easy, it’s worth a consideration.

Here are five benefits of creating a pet-friendly policy for your rental property.

Larger Pool of Renters

Allowing pets on your property gives you a wider pool of tenants to choose from. This increases your chances of getting best quality renters as a landlord. You won’t have to worry about your rental property staying vacant for long. This will set you apart from most of the property listings and therefore reduce the downtime between tenants.

Responsible Tenants on Your Rental Property

Responsible pet owners tend to be responsible tenants. While it may sound like an assumption, you can agree that people who take good care of pets also care for their surroundings. This means that there’s much likelihood they will treat your property with respect. Moreover, they know that they will be responsible for the repair costs in the long run.

Protect Your Rental Property

When you have a pet policy, it will clearly stipulate the protections against pet damage. The rules in place will act as the guideline and expected pets to be kept and their behaviors as well. If you don’t allow pets on your rental property, tenants may sneak in unauthorized pets that may cause damage to your property. When such happen, the owner will be responsible for the repair costs involved. Allowing pets with a clear pet policy decreases the chances of having unauthorized pets on your property. Give the tenant the opportunity to keep pets under certain conditions to prevent the sneaking of pets into your property. You also want your tenants to be happy with their animals.

Longer Tenancies

With many landlords not allowing pets, pet owners have limited rental choices. Tenants with pets are therefore not likely to be constantly moving. One of the sure ways to lower your vacancy rates and increase renewals on your rental property is allowing pet keeping. Moreover, most pet owners prefer not to disrupt their pets by constantly moving.

Higher Rental Returns

When you rent your property to tenants with pets, you are able to charge higher rents. Pet owners will be willing to pay a little more since in many cases it makes the difference between them keeping their pet or not. A monthly pet fee will increase your rental returns significantly. Pet fees are non-refundable and will therefore be an income off of your investment.