Increased Property Values
The ability to raise the value of your home is one of the most important justifications for allowing pets among your tenants. Studies show that houses that allow pets to stay appreciate more quickly than houses that do not. Additionally, those who are looking to buy a home typically prefer those that include pet-friendly amenities like pet doors, fenced yards, etc. A pet-friendly rental property may have a higher market value than it would have otherwise.
Shorter Vacancies
Pets are another way to attract more renters to your house. In fact, a recent survey found that over half of all renters stated they would be more likely to rent from a landlord that allows pets. This indicates that permitting pets in your rental property will likely reduce vacancy duration.
Fewer Repair and Maintenance Issues
Contrary to what many people think, tenants with pets are less likely than tenants without pets to harm your property. This is due to the fact that tenants who have pets are typically already more responsible tenants. Many renters who own pets are aware of the responsibilities associated with pet care and are inclined to give their rental home the same amount of attention.
Increased Security
Another compelling reason to allow tenants to retain pets is that it may enhance the security of your home. Studies indicate that properties with animals have lower rates of burglary and vandalism. This is probably because burglars are less likely to target a home when they are aware that a pet is there.
Improved Tenant Health
The last point is that enabling tenants to keep pets can be very beneficial to their well-being. It has been demonstrated that having a pet lowers stress, blood pressure, and cholesterol. They can also serve as a means to encourage more exercise and interpersonal communication. Due to all of these factors, tenants who have pets tend to be healthier than those who do not.
As you can see, there are many persuasive arguments in favor of allowing tenants to keep pets in your rental home. The following list might have persuaded you to allow pets if you were on the fence about it. Your tenants and your property will be grateful.
Would you like a professional’s advice on how to make your rental property pet-friendly? Contact your local Real Property Management office today!