1. Higher Property Values
Allowing tenants to keep pets can increase the property’s value, which is one of the best reasons to do so. According to studies, pet-friendly properties appreciate more quickly than non-pet-friendly properties. Moreover, pet-friendly features, such as pet doors and fenced yards, are frequently sought by property buyers. A pet-friendly rental property may be worth more than it would otherwise.
2. Shorter Vacancies
Allowing pets can also increase the appeal of your property to potential renters. A recent survey found that nearly half of all renters would be more likely to rent from a landlord who allows pets. When you allow pets in your rental property, you are more likely to reduce the length of rental vacancies.
3. Fewer Repair and Maintenance Issues
Despite popular belief, tenants with pets are less likely to cause property damage than those without 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
Letting tenants keep pets is also beneficial to your property’s security. Based on studies, properties with pets have lower crime rates, such as burglary, vandalism, and other crimes. This is likely due to the fact that criminals are less inclined to target a property that contains a pet.
5. Improving Tenant Health
Lastly, allowing renters to have pets can improve the health of your tenants. Stress, blood pressure, and cholesterol have all been shown to be reduced by pets. They can also help you get more exercise and social interaction. Tenants with pets tend to be healthier than those without pets for the reasons described.
As you’ve seen, there are lots of benefits in allowing tenants to keep pets in their rental property. If you’ve been pondering whether or not to allow pets, this list may have convinced you to try it! Your tenants and your property will be grateful.
Would you like an expert opinion on making your rental property more pet-friendly? Contact Real Property Management Champion today!