There are a lot of reasons why landlords should permit tenants to have pets in their rental units. A majority of the Staunton property managers consider benefits such as the ability to charge pet deposits and higher rent when deciding whether or not to allow pets. Here are five strong arguments for allowing your tenants to keep their furry friends!
1. Higher Property Values
Allowing tenants to keep pets is one of the best ways to increase the value of your property. Research shows that pet-friendly properties appreciate at a greater rate than non-pet-friendly properties. What’s more, pet-friendly features such as pet doors, fenced yards, and other properties are frequently sought by property buyers. This can increase the value of a pet-friendly rental property.
2. Shorter Vacancies
Additionally, allowing pets can make your rental property more appealing to prospective renters. In fact, almost half of all renters say they’d prefer to rent from a landlord who allows pets, says a recent survey. This indicates that allowing pets in your rental property is likely to reduce the length of a vacancy.
3. Fewer Repair and Maintenance Issues
Despite popular belief, tenants with pets are less likely to cause property damage than those 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
Permitting tenants to keep pets can also improve your property’s security. Studies have shown that properties with pets have lower crime rates, such as burglary, vandalism, etc. This is likely because criminals are less likely to target a property with a pet present.
5. Improving Tenant Health
Lastly, allowing your tenants to keep pets can benefit 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. Tenants who have pets are generally healthier than those who do not because of these reasons.
As you’ve seen, there are lots of benefits in allowing tenants to keep pets in their 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! Both your tenants and your property will thank you for it.
Would you like an expert opinion on making your rental property more pet-friendly? Contact Real Property Management Summit today!
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