Although many landlords aren’t comfortable allowing pets on their rental property, they could make more money by allowing certain animals. Additionally, you don’t have to let every pet move in. Landlords can have weight, breed, and species restrictions on their property. Even allowing small dogs and cats can lead to more tenants and more money than one might expect. To help you decide whether this is the right move for you, here are some of the benefits of allowing pets in your rental property.
You Can Appeal to More People
Around 50 percent of the landlords in the United States don’t allow pets on their rental property. With 70 percent of the U.S. population owning a pet and 36 percent of Americans being renters, this poses a problem for many people. Allowing pets in your rental property can significantly widen your pool of potential renters. In addition, you’re more than likely to be ahead of the competition, especially if the properties around you don’t allow pets.
You Can Charge a Deposit and Higher Rent
Usually, rental properties have a pet fee and a deposit just in case of damage. However, because landlords that allow pets are so hard to come by, and you’re essentially adding another tenant to the unit, you can increase the amount of rent you charge along with the pet fee. Most pet owners aren’t willing to give up their pets when trying to find a place to move and are willing to pay extra to stay with their furry friends.
Pet Owners Are More Likely To Renew
Again, because landlords that allow pets are hard to come by, pet owner tenants are more likely to renew their lease. Having the security of knowing them and their pet has a roof over their head is much more preferable to trying to find another landlord in the area who also allows pets. Most people aren’t willing to take the gamble or spend all that time trying to find another home.
You Can Be Assured That Your Tenant Is Responsible
Typically, pet owners are much more responsible, as a lot of time, care, and effort go into taking care of another living thing. Because of this, you can rest a little easier knowing that your tenant isn’t likely to damage your property or not pay rent on time.
While implementing this idea will come down to your preference as a landlord, there are some excellent benefits to allowing pets in your rental property. And if you’re in the area and struggling to get the policies for your rental property just right, Excalibur Homes has a property management company in Decatur, Georgia, with staff who are more than willing to help you solve any problem!