The Benefits of Allowing Pets in a Rental Property

The Benefits of Allowing Pets in a Rental Property

Did you know that 70% of U.S. households own a pet? It's official: tenants want pets. If you own a rental property, it might be time to consider allowing them.

While there are both pros and cons of pets in a rental property, we think that the answer is obvious: you should allow them! Read on to learn why.

More Prospective Tenants

In many areas, rentals that allow pets are few and far between (though this is quickly changing). Some landlords weigh the pros and cons of pets in a rental property and decide that allowing pets isn't worth it, but they're missing out. 

As we mentioned before, many households own pets, and many of those households are renters. If you allow pets, you'll have access to a wider tenant pool.

You'll be able to accept both pet owners and non-pet owners alike. There are far more people who are interested in a pet-friendly rental than there are people who avoid pets altogether.

A Better Reputation 

When you allow pets in your rental property, the word will spread. Because you'll be somewhat of an anomaly, people will be happy to recommend you to friends and family members (even after they move out). 

Your reputation is everything if you want to be a successful landlord, so this benefit might be the most important one. 

(Potentially) More Money

Not all landlords do this, but it's a good option. You have the opportunity to charge a non-refundable pet deposit or pet rent if you choose to do so.

Usually, these deposits are small (under $300) and pet rent tends to range from $20 to $50 per month, but that money adds up if you have a lot of tenants. 

Because you're collecting that extra money, you're also protected against any potential harm that pets cause the property (on top of the tenant's security deposit if the damage is significant). 

In other words, allowing pets is good for your wallet.

More Responsible Tenants

Many landlords worry that allowing pets in a rental property will automatically result in serious damage. While damage happens sometimes, it's not as common as you might think. People who have pets are appreciative of the rental properties that allow them, and they usually ensure that their pets don't cause problems (or they fix the problems right away).

Tenants with pets are often more responsible because they know how hard it would be to find another appropriate rental. They also already have enough responsibility to care for their furry friends, so they should have enough responsibility to care for your property.

You Should Allow Pets in a Rental Property

Allowing pets in a rental property is more popular than ever as landlords begin to understand how it can help their bottom line. Next time you're accepting tenant applications, don't automatically reject anyone with pets. They might end up being your new favorite tenant!

Are you looking for a team of property managers to help you out in Colorado Springs? At HomeRiver Group, we want to help. Contact us to start working together today.

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