Can you believe that two-thirds of American households own at least one pet?
If you're trying to run a successful rental property business, then it's crucial to keep this fact in mind when you're screening tenants. While there are some potential drawbacks that come with having a pet in a rental house, the perks are more impressive.
Have you been wondering if you should start accepting pets in a rental property? Read on to understand the top five benefits you can enjoy.
1. You'll Be Able to Attract More Renters
Even though so many Americans own pets, it's a sad truth that not a lot of rental properties allow pets. Since pets are family, there's no way that those people would give up their animals to move into a new rental property.
If you accept pets, then you'll never run out of applicants whenever you need to fill a vacancy. People will be so grateful for the opportunity to live there.
2. Tenants With Pets Stick Around Longer
One of the lesser-known benefits of pets in a rental property is that your tenants should stick around longer than those who don't own any pets. The reason why is that there are far fewer housing options for pet owners.
This means that your renters should keep renewing their leases with you as long as they're happy with their living spaces. This will cut down on your vacancy and marketing expenses.
3. A Pet-Friendly Rental Property Can Charge More
A simple way that rental property owners reduce their risk of paying more money for property maintenance is to charge pet rent each month. This extra money will give you peace of mind that your profits will be safe even if a pet gets a little too rowdy.
If you want to go one step further, you can also ask applicants to bring their pets along so you can see how well they behave during the tenant screening process.
4. Your Tenants Will Be Happier
It's always important to keep your tenants happy. Satisfied tenants will leave positive reviews that boost your online reputation.
Your interactions will also be more pleasant since pet owners tend to be less stressed.
5. Renting With Pets Can Increase Security
You'll also be delighted to know that certain pets like dogs can be quite protective. Having some extra ears around can make your rental property feel much safer.
If there's ever any funny business going on, the dogs will be the first to alert you
It's Worth Allowing Pets in a Rental Property
It's easy to reduce the risks of allowing pets in a rental property. You'll only be left with amazing benefits that make your business more successful over the years.
Do you own rental property in the Salt Lake City, Utah area? Utah Property Solutions can make your job a breeze. Check out our stellar property management services.