Something that inevitably comes along with being a pet owner is learning to deal with how labor intensive it can be to care for these furry family members. If you ever happen to miss a day or two of cleanup, the mess they leave behind seems to get out of control overnight. Because of this reality, when somebody decides to rent out a property, often their first inclination is to make pets off limits in the property. It can be challenging to trust tenants to properly care for their pets. The worry is that the property value could potentially decline in the future due to the damage incurred. Sometimes these fears are justified, and scenarios indeed do play out where this becomes the case. However, often things end up much better than expected. There are numerous noteworthy reasons why it might be beneficial (financially and otherwise) to actually allow pets in a rental. In this blog post, we are going to go over a few of the reasons why allowing pets in a rental property might be something that an investor should seriously consider.
Increase the pool of prospective tenants for your rental
When people are searching for Walnut Creek houses for rent, pet friendly rental properties can be very difficult to come by. The number of rentals that allow pets can vary, but it is generally somewhere right around 50%. When a landlord chooses to say no to pets, they are automatically excluding a huge pool of prospective renters. Conversely, by allowing pets, the pool of potential tenants becomes much larger. Studies have shown that up to 75% of renters own at least one pet. A property owner can benefit by allowing pets because it will significantly decrease the potential that their property might sit vacant for a significant time. Another way to help ensure your property doesn’t sit vacant is to utilize a San Ramon property management company.
Increase your renewal rate
For landlords, there is nothing better than having trusted and responsible tenants who decide to stay in the property long term. When these types of tenants ultimately decide to move, it can be the beginning of a very stress-filled process for the property owner. It can be worrisome that the next tenant will not be as good as the last. There is a chance that it will be difficult to get them to pay on time. What if they neglect to take care of the property like the previous renters did? There is also the worry that you might go multiple months without rent payments if you have any trouble finding new renters. Having a pet friendly property significantly increases the likelihood of having long-term tenants. As we mentioned previously, it can be difficult for renters to find a new pet friendly property. This makes them much less likely to want to move out and go through the process again.
Increase your earning potential
Property owners are often looking for new ways to generate additional revenue. Having pet friendly properties lends to a couple of widely accepted methods to attain increased revenue streams. Pet friendly rentals often charge an additional pet deposit when the tenants move in. The thought process is that it will be used to pay for a deep cleaning of the property after the renters move out. It is also becoming a common practice to increase monthly rent costs to tenants who have pets. Even something as small as a $30 in additional rent monthly will generate an extra $360 annually in revenues.
Increase the quality of tenants that your property is attracting
Individuals who own pets are often found to be in the more responsible segment of the general population. It takes a great deal of time and effort to care for pets. Pet owners have already taken on an added level of responsibility. These types of people usually do an above average job taking care of the property in which they reside. They are far more likely to treat the property like their own home.
When considering whether or not to allow pets in a rental property, it is wise to consider the many ways it can actually be quite beneficial. If you are worried about managing a pet friendly property or have questions about how to structure everything properly, please don’t hesitate to reach out to the most trusted San Ramon property management company, PMI Contra Costa.