Increased Property Values
The ability to raise the value of your home is one of the most important justifications for allowing pets among your tenants. Pet-friendly properties are said to increase in value more quickly than non-pet-friendly properties, according to studies. Additionally, those who are looking to buy a home typically prefer those that include pet-friendly amenities like pet doors, fenced yards, etc. The value of a rental property that welcomes pets may be higher than it would be otherwise.
Shorter Vacancies
The desirability of your rental home can be improved by allowing pets. According to a recent survey, more than half of all renters said they would be more likely to rent from a landlord who allows animals. This suggests that permitting pets in your rental property will likely reduce the length of vacancy.
Fewer Repair and Maintenance Issues
Contrary to conventional belief, pet-owning tenants are less likely to cause property damage than those without pets. This is due to the fact that renters who have animals are typically more trustworthy tenants in general. Many renters who own pets are aware of the responsibilities associated with pet care and are inclined to give their rental home the same amount of attention.
Increased Security
Another compelling argument for allowing tenants to have pets is that it may increase the safety of your property. Studies have shown that homes with pets had reduced incidences of burglary and vandalism. This is likely because criminals are less likely to target homes with pets.
Improved Tenant Health
Lastly, allowing tenants to maintain pets can be extremely beneficial to their state of being. It has been demonstrated that pets decrease tension, blood pressure, and cholesterol levels. They can also promote physical activity and social interaction. All of these factors contribute to the fact that tenants with pets tend to be healthier than those without.
There are a lot of good arguments in favor of letting tenants have pets, as you can see. If you’ve been contemplating whether or not to allow pets, this list may have convinced you to give it a shot! Both your tenants and your property will value it.
Would you like a professional’s advice on how to make your rental property pet-friendly? Contact your local Real Property Management office today!