Increased Property Values
One of the most compelling arguments for allowing tenants to have pets is that it can increase the property’s value. According to studies, pet-friendly properties appreciate more quickly than properties that do not allow pets. Moreover, property purchasers frequently search for homes with pet-friendly features, such as pet doors, fenced-in yards, etc. A rental home that allows pets may charge more money than it normally would.
Shorter Vacancies
The appeal of your house to potential renters can also be boosted by allowing animals. A recent survey revealed that, in reality, more than half of all renters would be more inclined to rent from a landlord that allows animals. This implies that permitting pets in your rental property will likely lower vacancy time.
Fewer Repair and Maintenance Issues
Contrary to popular assumption, tenants with pets are less likely than those without pets to harm your property. This is due to the fact that renters who have animals are typically more trustworthy tenants in general. Many pet-owning tenants are familiar with the responsibilities of pet maintenance and are likely to apply the same standard of care to the rental property.
Increased Security
Another persuasive argument in favor of allowing pet ownership by tenants is the potential increase in home security. Studies show that the prevalence of crimes like burglary and vandalism was lower in homes with pets. This is likely because criminals are less likely to target a home with an animal companion present.
Improved Tenant Health
Lastly, allowing tenants to maintain pets can be extremely beneficial to their state of being. There is evidence that pets reduce anxiety, blood pressure, and cholesterol levels. Additionally, they can help boost social interaction and physical activity. Renters with animals are frequently healthier than those without for all of the aforementioned reasons.
There are a lot of good arguments in favor of letting tenants have pets, as you can see. If you were on the fence about allowing pets, maybe this list has persuaded you to give it a try! Your property and tenants will appreciate it.
Want an expert’s opinion on how to make your rental property more pet-friendly? Contact your local Real Property Management office today!