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 at a faster rate 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. This may result in a higher valuation for a pet-friendly rental property.
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. Allowing pets in your rental property is likely to reduce the length of rental vacancies.
3. Fewer Repair and Maintenance Issues
Tenants with pets, contrary to popular belief, are less likely to cause damage to your property than tenants without pets. This is because tenants with pets are more likely to be responsible tenants. Lots of pet-owning tenants are aware of the responsibilities that come with caring 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 tend to avoid a property where a pet is present.
5. Improving Tenant Health
Lastly, permitting tenants to keep pets can improve their health. It has been demonstrated that pets reduce levels of stress, blood pressure, and cholesterol. They can also aid in the promotion of physical activity and social interaction. Pet-owning tenants are generally healthier than non-pet-owning tenants for all of these reasons.
As you have seen, there are multiple compelling reasons to permit tenants to keep pets in your 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 property and your tenants will thank you.
Would you like an expert opinion on making your rental property more pet-friendly? Contact Real Property Management Sterling today!