Increased Property Values
One of the most compelling arguments for allowing tenants to have pets is that it can increase the property’s value. Studies show that houses that allow pets to stay appreciate more quickly than houses that do not. In addition, homebuyers frequently seek out properties with pet-friendly amenities, such as pet entrances, fenced-in yards, etc. Rental real estate that accepts pets may ask for more money.
Shorter Vacancies
Additionally, allowing pets can increase the desirability of your property to potential tenants. 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 suggests that permitting pets in your rental home will probably shorten the time it is vacant.
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 because renters who have pets are typically already more conscientious occupants. Many pet-owning tenants are likely to apply the same level of attention to the rental property as they do to their pets.
Increased Security
The possibility of increased security for your home is yet another convincing argument in favor of allowing tenants to keep pets. 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 found that having a pet lowers blood pressure, cholesterol, and stress. They can also serve as a means to encourage more exercise and interpersonal communication. Renters with animals are frequently healthier than those without for all of the aforementioned reasons.
As you can see, there are a lot of compelling reasons to let tenants keep pets in your rental home. If you have been contemplating whether or not you should allow pets, maybe this list has persuaded you to at least give it a try! It will be valued by your tenants and property.
Want an expert’s opinion on how to make your rental property more pet-friendly? Contact your local Real Property Management office today!