Doggie Dash is right around the corner and spring is in the air which means more people are adding pets to their family. With most pet owners consider their pet as family, and won’t even consider an apartment that would require them to give their beloved animal up. When you think about how many potential tenants are looking for a rental property that will accept pets, it may be worth your while to welcome furry, four-legged creatures. On the other hand, you may be concerned about pet damage to your rental property. Here are some pros to allowing pets in your rental property:
1. HIGHER RENT
Market value determines the amount you can set your rent. By allowing pets in rentals (large dogs in particular) especially when very few properties in your neighborhood are pet-friendly, you may be able to command a higher rent. At the very least, it could give you a leg up on the competition if a decision comes down to your property and a similar one which doesn’t allow pets.
2.LONGER TENURE
The more a tenant considers an abode their home, the more likely they are to renew a lease. Certainly, settling in with a pet can make a rental feel like a permanent residence. Additionally, The Balance points out that it can be harder for pet owners to find alternate dwellings that will take both them and their pet.
3. LARGER POOL OF APPLICANTS
Pet ownership in the United States is at an all-time high. According to the 2017-2018 APPA National Pet Owners Survey, 68% of U.S. households own a pet. If your rental property is marketed towards a younger market, there’s an even higher likelihood that a pet is part of the package. Zillow reports that over 76% of millennial renters own pets. Allowing pets attracts more tenants to your property and gives you more tenants to choose from, so you can find the best fit.
4.RESPONSIBLE PET OWNERS ARE MORE LIKELY TO BE RESPONSIBLE TENANTS
Rentalutions points out that taking care of a pet requires a lot of time and attention, and there’s a likelihood that behavior will translate into renters treating your property with the same amount of respect and energy.
Contact Uptown Properties today to find out about our Pet Screening procedures as well as our Pet Policies.
