1. Higher Property Values
One of the most compelling arguments for allowing tenants to keep pets is that it can increase the value of your property. Studies have shown that pet-friendly properties tend to appreciate faster than those that do not. What is more, property buyers frequently seek out properties with pet-friendly features, such as pet doors, fenced yards, etc. A pet-friendly rental property may be worth more than it would otherwise.
2. Shorter Vacancies
Permitting pets can help make your property more attractive to prospective renters. A recent survey found that nearly half of all renters would be more likely to rent from a landlord who allows pets. This means that allowing pets in your rental property is likely to reduce the length of rental vacancies.
3. Fewer Repair and Maintenance Issues
Pet-owning tenants, contrary to popular belief, are less likely to damage property than those who don’t own pets. This is because pet-owning tenants are typically more responsible tenants. Many pet-owning tenants are aware of the responsibilities of providing for a pet and are likely to treat their rental property with the same level of care.
4. Increased Security
Allowing tenants to keep pets is also a good way to improve the security of your property. Studies indicate that properties with pets have lower rates of burglary, vandalism, and other crimes. This is likely due to the fact that criminals are less likely to target a property containing a pet.
5. Improving Tenant Health
Finally, allowing tenants to keep pets can improve their health. Stress, blood pressure, and cholesterol levels have all been shown to decrease with those who have pets. They can also help you get more exercise and social interaction. Pet-owning tenants are generally healthier than non-pet-owning tenants for all of these reasons.
As you can see, there are numerous advantages to allowing tenants to keep pets in their rental property. If you’ve been debating whether or not to allow pets, this list may have convinced you to give it a shot! Your tenants and property will appreciate it.
Would you like an expert opinion on making your rental property more pet-friendly? Contact Real Property Management of the Triad today!