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. 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 may result in a higher valuation for a pet-friendly rental property.
2. Shorter Vacancies
Allowing pets in your rental can also increase the appeal of your property to potential renters. According to a recent survey, nearly half of all renters say they are more likely to rent from a landlord who allows pets. Allowing pets in your rental property is likely to reduce the length of rental vacancies.
3. Fewer Repair and Maintenance Issues
Contrary to popular belief, less damage will be caused to your property by tenants with pets than tenants without pets. This is because pet-owning tenants are more likely to be responsible renters. Since many pet owners know the responsibility when caring for a pet, they are more likely to apply that same level of care in their rental home.
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 due to the fact that criminals tend to avoid a property where a pet is 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 be reduced by pets. They can also aid in the promotion of physical activity and social interaction. For all of these reasons, pet-owning tenants are generally healthier than those who do not.
As you have seen, there are multiple compelling reasons to permit tenants to keep pets in your rental property. If you’ve been discussing whether or not to allow pets, perhaps this list has inspired 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 Delta today!