When you're ready to start advertising for tenants at your new rental property, you might be wary of whether having "pets allowed" is a good idea. You could be worried about damage to the property or other complaints. But there are actually some surprising benefits to allowing your tenants to have pets.
With two out of every three families owning a pet, that's a huge market to consider. And with over 95% of those pet owners considering their pets family members, it stands to reason they're going to choose rentals with pets in mind.
Let's go over just the top 5 reasons why you should consider having pets allowed in your rentals.
1. More Potential Tenants
Right now the housing market in Pittsburgh is fairly balanced despite the pandemic leading to large unemployment numbers. However, it's always a good idea to stand out in a crowd.
As we discussed earlier, a significant number of your potential tenants own a pet. And that number has only been on the rise during the pandemic with more people at home wanting companionship. It's logical to assume they're going to want their new home to allow pets.
You can rent out your property quicker and find tenants you can trust easily from the crowd. Make sure you don't neglect your tenant background checks - here are five reasons why!
2. Good Will with Tenants
Remember how we said that 95% of people think of their pets as family members? They appreciate it when there isn't a hassle or discrimination against their family members.
By greeting pets with open arms you are creating a happier environment for your tenants. Happier tenants tend to be longterm tenants. Not having to frequently look for new renters can take stress off of you, too.
3. You'll Probably Have Tenants with Animals Anyways
Under equal housing rules, you cannot have pet restrictions that would restrict someone with a disability who needs a service animal to help them. Emotional Service Animals, or ESAs, are included in this.
It is not unlikely that one of your tenants will have a service or ESA animal.
4. They're Already Paying a Deposit for Potential Damages
Their housing deposit should already cover potential damages. But, if you're still worried you can protect yourself by asking for an additional pet deposit. This would cover any pet-specific damage done to the property.
5. Make More Money With Pets Allowed
In some cases, a landlord might charge a monthly fee to allow a pet. This fee can be used towards improving the area to be more pet friendly. Perhaps adding a dog run, a pet washing station, or even a pet relief area.
This can increase the value of your property and give you more money.
What Else Should I Know as A New Landlord?
Now you know the benefits of having pets allowed on your rental property. But there are tons of other things to keep in mind when you plan to rent out your property. Here at Home River Group, we can help you with innovative property management solutions!
