1. Higher Property Values
Allowing tenants to keep pets is one of the best reasons to increase the value of your property. Studies have shown that pet-friendly properties appreciate at a faster rate than those that are not. Furthermore, pet-friendly features such as fenced yards and pet doors are frequently sought by property buyers. This can increase the value of a pet-friendly rental property above what it would be otherwise.
2. Shorter Vacancies
Additionally, allowing pets can make your rental property more appealing to prospective renters. In fact, nearly half of all renters say they would be more likely to rent from a landlord who permits pets, according to a recent survey. This implies that allowing pets in your rental property will likely result in shorter vacancy periods.
3. Fewer Repair and Maintenance Issues
Contrary to popular belief, renters with pets are less likely to cause property damage than those who do not have pets. This is because pet-owning tenants are more likely to be responsible renters. Many pet-owning tenants understand the responsibilities of pet care and are likely to apply the same standard of care to their rental homes.
4. Increased Security
Enabling tenants to have pets can also improve the safety of the property. According to studies, properties with pets tend to have lower rates of burglary, vandalism, etc. This is likely because criminals are less likely to target a property with a pet present.
5. Improving Tenant Health
Finally, permitting tenants to keep pets can assist with their health. Stress, blood pressure, and cholesterol have all been shown to decrease when people have pets. They can also increase levels of physical activity and social interaction. For these reasons, pet-owning tenants tend to be healthier than those without pets.
There are multiple strong reasons to allow tenants to keep pets in your rental property. If you were on the fence about whether or not to allow pets, this list may have convinced you to give it a shot! Your tenants and property will be appreciative.
Would you like an expert opinion on making your rental property more pet-friendly? Contact Real Property Management Teyata today!